Liven Initial Public Offering

23 April – 7 May 2026

Shareworthy homes. Now on the stock exchange.

We don’t build apartments or townhouses, we help people create homes. Remarkable and shareworthy homes.

Liven is known for its trendy homes in great locations, and we work to help homebuyers bring both their big and small dreams to life. We do this with heart, and more than 900 families have already trusted us as their partner in creating a home.

For many people, a home is the biggest investment of their life.

Real right contracts and homes handed over, including forecast data for 2026

Homeowners’ feedback

When people have visited us, they’ve said that this home is exactly like us.

Anett ja Rauno

Alasi 5 residents

We have the coolest home in Tallinn.

Liisi ja Silver

Uus-Meremaa residents

So much heart has been put into our home and community.

Edi ja Rauno

Iseära residents

My home wonderfully reflects who I am.

Lee

Luuslangi resident

Why invest in Liven?

Clear focus and reliable execution

We focus on residential real estate development, understanding our clients’ expectations and needs. We carry out projects with a transparent structure and reliable partners. Our main focus is on creating homes:

  • to date, we have delivered more than 900 homes across 15 development projects,
  • currently, homes are actively on sale in 7 projects and construction is ongoing in 6 projects,
  • in 2025, we started the construction of nearly 300 new homes.

Shareworthy homes

Liven homes are designed for real living. We have invested in making each home comfortable and adaptable. The core of our value proposition to homebuyers:

  • several well-thought-out layouts for each home,
  • high-quality architecture and distinctive design solutions,
  • the possibility to customize both the layout and the design of your home.

According to Kantar Emor, Liven was the most reputable real estate developer in Estonia in 2025, 2024 and 2022 (first or shared first place).

Recovering environment

A recovering macro environment supports demand for high-quality new homes both in Estonia and Germany:

  • as wage growth is expected to exceed price growth, housing affordability should improve significantly in 2026 (Swedbank Baltic Housing Affordability),
  • growth in purchasing power and increased consumption will make an important contribution to economic growth in 2026 even in conditions of faster price increases (Bank of Estonia forecast),
  • in Germany, consumer confidence is supported by stable and low unemployment as well as continued positive wage growth (European Commission).

A strong portfolio over the years

For sustainable growth, we have acquired and planned projects over the years – we are not a single-project developer:

  • strong acquisition management to secure the best plots, with an existing land portfolio enabling the development and sale of nearly 1,600 apartments,
  • plots are distributed across different districts and are at various stages of development,
  • the first step into foreign markets: Wohngarten (Berlin) is under construction and 35% sold.

Illustreeriv video

The most reputable now also the largest

Liven is known for its trendy developments in prime locations. We have maintained a strong reputation and increased our brand awareness. According to Citify, we have had the highest number of new home sales in Tallinn for two years. The diversification of our projects across different areas has helped us attract a record number of interested buyers even in challenging years.

Source: Citify new developments net sales in Tallinn and surrounding municipalities in 2025

Liven is constantly evolving

In the digital age, people are used to consuming personalized products and services. A home is the biggest investment, and Liven has been guided by this mindset when designing homes. We believe that a home should reflect its owner. At Liven, we have created the Home Designer software, a digital home visualizer and configurator.

 

The value proposition remains consistent over the years

We have decided that Liven’s value proposition is participation in creating your own home  will remain consistent over the years. We continuously refine our collaboration with both internal teams and external partners, as well as our systems, becoming more skilled with each new development. Our customer feedback score has remained high even as the number of completed homes has grown significantly, meaning we are able to maintain high-quality service even at larger volumes.

2025 overview in numbers

49.3 0 mln

2025 revenue in euros

5.4 0 mln

2025 net profit in euros

176 0

2025 new sales

139 0

2025 homes delivered

123000 0

Development portfolio

9.6 0 / 10

Customer feedback score

Liven’s concluded sales agreements and revenue

2025 was a strong year for new sales as well as for the delivery of sold homes. Many previously signed sales agreements (under the law of obligations) will materialise as handovers (real right agreements) and revenue in the current and following year.

New sales (law of obligation) pcs
Handover (real right agreement) pcs
Revenue thousand €

Offer terms and indicative timeline

Issuer Liven AS
Share offering price 4.68 euros
Liver offering size 1 495 730 shares or 7.0 million euros
Minority shareholder offering size 369 015 shares or 1.7 million euros
Overallotment option 854 705 shares or 4.0 million euros
Listing Nasdaq Tallinn main list
Subscription period 23 April – 7 May 2026
End of offering 7 May at 15:30
Results of subscription 11 May (or a nearby date)
Settlement 13 May (or a nearby date)
First trading day 15 May (or a nearby date)

 

Offering announcement

Use of proceeds

The main objective for the proceeds of the offering is the acquisition of new development properties in Tallinn and Berlin. A portfolio with diversified timelinesensures sustainable growth and stable cash flow. We see attractive opportunities for property acquisitions on the market and are currently in late-stage negotiations for the acquisition of several new projects.

In the event that the desired new projects cannot be acquired immediately, it is reasonable, for the efficient use of the raised funds, to utilize them in the interim to finance the preparation and development costs of existing projects and to strengthen the capital structure, including the refinancing of existing debt obligations.

Investor presentation

Join the webinar of Liven and its share offering on 29 April 2026 at 11:00.

The webinar is held in English, no registration required.

Frequently asked questions

The purpose of issuing shares and listing them on the Nasdaq Tallinn Stock Exchange is to support the company’s long-term growth. Liven intends to use the funds raised through the offering to acquire new development properties. In addition, the issuance of new shares will improve the capital structure of the Liven Group.

The main purpose of the funds raised through the offering is the acquisition of new development properties in Tallinn and Berlin. If the desired projects cannot be acquired immediately, it is reasonable to use the funds to finance the preparation and development costs of existing projects, as well as to strengthen the capital structure, including refinancing existing loan obligations.

  • The subscription period for the offering began on 23 April 2026 at 10:00 and ends on 7 May 2026 at 15:30.
    NB! Earlier cut-off times for subscription orders may apply depending on your account operator.

  • The subscription results will be announced on 11 May 2026 or on a nearby date.

  • Settlement (transfer of shares) will take place on 13 May 2026 or on a nearby date.

  • Trading of the shares on the stock exchange will begin on 15 May 2026 or on a nearby date.

In the Offering, Liven is offering up to 1,495,730 new ordinary shares to be issued, with a total volume of up to EUR 7.0 million. In the event of oversubscription, Liven has the right to increase the Offering by up to 854,705 additional over-allotment shares, or up to EUR 4.0 million.

Additionally, certain minority shareholders are offering up to 369,015 existing shares for a total volume of up to EUR 1.7 million. Liven will receive proceeds only from the sale of the new shares (including the over-allotment shares). The proceeds from the sale of existing shares will be received by the selling minority shareholders; Liven will not receive any proceeds from the sale of existing shares.

Yes, Liven’s three founders and two key shareholders (Probus OÜ and Ivard OÜ) have committed not to sell or transfer their shares for a period of 12 months after the offering (a so-called lock-up). Exceptions are allowed only with the consent of the offering organizer and under certain conditions.

Other shareholders were given the opportunity to sell their shares as part of the ongoing share offering if they wished. No additional restrictions have been applied to shareholders who chose not to use this option.

The minimum subscription amount is one share, i.e. 4.68 euros. There is no maximum subscription amount or limit.

In the case of oversubscription, Liven has the right to increase the size of the offering by up to 854 705 overallotment shares in the total volume of up to EUR 4.0 million. The company also has the right to prioritize certain groups, such as customers, employees, bondholders and existing shareholders.

In the case of undersubscription, Liven has the right to reduce the size of the offering or cancel the offering.

The offering is directed to retail and institutional investors in Estonia, Latvia and Lithuania. In addition, Liven may offer shares privately to qualified investors in the member states of the European Economic Area.

In Estonia, an investor who wishes to subscribe for the shares, must have a securities account with a Nasdaq CSD account operator or a bank that is a member of the exchange. The subscription order must be submitted through your account operator or bank (e.g. via internet banking). AS LHV Pank must be indicated as the counterparty to the transaction.

In Latvia and Lithuania, an investor who wishes to subscribe for the shares must contact a financial institution that is a member of the Exchange and operates the securities account of the respective investor and submit a subscription for the purchase of the shares the form accepted by the financial institution and in accordance with the terms and conditions of the offering.

More information can be found on Liven’s website https://liven.ee/en/investor/ and on the Nasdaq Tallinn Stock Exchange website. The prospectus, articles of association and financial reports are also available on the website.

Liven’s development portfolio includes projects under construction, development projects with established building rights, as well as projects awaiting sales and construction. It also includes three properties where building rights are still being determined.

In total, the portfolio consists of 11 different projects, over 1,600 homes for sale and delivery, and approximately 123,000 m² of sellable area. The estimated projected sales revenue of the portfolio exceeds 400 million euros.

The development projects are located in Tallinn (and its surrounding areas), and the first project (Wohngarten) is underway in Berlin.

Liven’s dividend policy is to distribute 25% of the previous year’s pre-tax profit as dividends each year. The payment of dividends depends on the availability of sufficient funds and on ensuring that the distribution does not harm the sustainability of the group or its planned investments.

A share is an ownership security that gives the holder voting rights at the general meeting and the right to receive a portion of the company’s profit as dividends. A bond is a debt obligation under which the company is required to pay interest and repay the loan. In the event of liquidation or insolvency, shareholders’ claims rank below those of creditors (including bondholders).

In Estonia taxation occurs solely at the corporate level, meaning Liven pays the income tax and you receive the dividend as a net payment, i.e. there is no classical withholding tax on dividends. This applies regardless of your residency or legal status.

Please note, that while no tax is withheld in Estonia, you may still have tax obligations in your home country. Since tax laws vary by jurisdiction, we recommend consulting a professional tax advisor regarding the specific impact in your country of residence.

All projects

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  • All projects
  • Coming soon
  • For sale
  • All homes have found their owner

Liven in Germany

Liven acquired its first project in Berlin in 2023 and the construction of the Wohngarten project with 24 apartments, which started in the summer of 2025, will be completed in early 2027. The pilot project allows us to learn the specifics of the market with controlled risks and to test the suitability of Liven’s value proposition. Our Berlin showroom office is staffed daily by a two-person team, and we operate there based on the same business model as in Estonia – controlling the value chain from land acquisition to sales and after-sales service. Currently, Germany accounts for only 1% of our development portfolio, but it is an important step in reducing geographical concentration and creating long-term growth opportunities. We are negotiating the acquisition of new properties to expand our operations in Berlin step by step and in a considered manner.

Important information

The information presented on this website is provided for informational purposes only in connection with the public offering of shares of Liven AS (the “Company”). This information is an advertisement and does not constitute a prospectus within the meaning of Regulation (EU) 2017/1129 (as amended) (the “Prospectus Regulation”). The information presented on this website is indicative and does not constitute investment advice, and may be presented in a summary, incomplete and non-binding form, and has not been approved by any supervisory authority. The only legally binding information about the offering is contained in the official offering documents, including the prospectus and its summary (together, the “Documents”). In the event of any inconsistencies, the information contained in the Documents shall prevail.

Before making an investment decision, all potential investors should review the Documents and, if necessary, consult with an expert. Investors should make their investment decision regarding the securities referred to on this website solely on the basis of the information contained in the Company’s prospectus approved by the Financial Supervision Authority (FSA) and other documents published by the Company in connection with the offering, in order to fully understand the potential risks and benefits associated with the offering. Approval of the prospectus by the FSA should not be understood as an endorsement of the securities.

If necessary, the Company will publish additional information about the offering or the Documents in accordance with the Prospectus Regulation and will make this information available on the FSA website (www.fi.ee) and on this website. Shares of Liven AS are offered publicly only in Estonia, Latvia and Lithuania, and only to those investors to whom the offering is directed based on the Documents. The content of this website does not constitute an offer to sell or an invitation to buy securities in any jurisdiction where such offer or sale would be unlawful, or to any persons subject to financial sanctions imposed by competent authorities.

The information presented on this website is not intended for release, distribution or transmission, directly or indirectly, in or into any jurisdiction or to any person where such actions would be unlawful or would require registration or other measures that the Company has not undertaken.