Capital Markets

Public markets offer new paths to growth, but success demands legal precision and market insight. We advise on IPOs, bond issuances, listings, and disclosure obligations to ensure transactions are sound, strategic, and regulator-ready.

In capital markets, timing, structure, and regulation converge. We help clients raise capital through IPOs, bond placements, and cross-border listings, guiding them through regulatory complexity while aligning every step with business objectives.

Our experience across Baltic, Scandinavian, and Eastern European exchanges gives clients the confidence to act decisively even in shifting market conditions.

Recognised by leading international directories for capital markets excellence across the Baltics, our team regularly advises on landmark public offerings and bond issuances, combining local depth with cross-border capability.

We work seamlessly with colleagues in Banking & Finance, Corporate/M&A, Tax, and Dispute Resolution to address every legal, financial, and regulatory layer of a transaction, ensuring efficient execution and long-term resilience.

Areas of expertise

Preparation and execution of IPOs and public offerings
Bond issuance and listing
Compliance with regulatory requirements, including prospectuses and reporting obligations
Structuring and documentation of capital market transactions
Cross-border listings and stock exchange admissions
Engagement with financial supervisory authorities and regulatory bodies
Tax and dispute advisory relating to securities transactions

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Events

In-person
27.01.2026 | 10:00 | In-person
Business Breakfast: What every Nasdaq North listed issuer should know?
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Insights

14.10.2026 | Lithuania
Asset Securitisation in Lithuania: From First Transactions to an Emerging Hub
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Capital Markets

Areas of expertise

Experts in this field

Deals & cases

Pro Kapital brings its financing back to the Baltics as bond offering is oversubscribed twofold and increased to EUR 10 million

BOD Lenses’ €4 Million Bond Debuts on Nasdaq Baltic First North

KAITA LV Living SIA Bonds Admitted to Trading on the Nasdaq Baltic First North Market

AB Novaturas has successfully completed a public share offering, raising EUR 7 million in capital

Latvenergo Issues EUR 300 Million 7-Year EU Green Bond Under Its EMTN Programme

Civinity completes the largest bond issue in the group’s history, raising EUR 13.54 million

AB Panevėžio stiklas bonds admitted to the Baltic First North market

Kaita Development bond issue of €4.5 million admitted to trading on the Nasdaq Baltic First North market

Kaita strengthens its residential rental portfolio with financial partner Perpetus Wealth

A Landmark EUR 160 Million AAA-Rated Green Bond and Loan Note Issuance: ILTE’s “Vytis Reno Loans” Project

UAB Atsinaujinančios energetikos investicijos (“AEI”) EUR 100M Green Notes Programme for institutional investors and a separate EUR 50M Notes Programme for retail investors

PRO BRO Group has joined the Nasdaq Baltic First North market

Urbo Bank Completes Successful Bond Listing on Nasdaq Baltic

Refi Green has entered the Nasdaq Baltic First North market

Latvenergo AS issues international bonds for implementation of green projects

Eleving Group public bond issuance and funds allocation

AB Artea bankas has placed EUR 300 million bond issue in the international market

1 Asset Management launches €50m+ Baltic Capital Markets Acceleration Fund backed by ILTE and ALTUM

Civinity successfully placed a public bond issue worth EUR 10.35 million

BLB Capital granted financial advisory firm licence

OC VISION’s first bond issue

Green Notes of AKROPOLIS GROUP, UAB are listed on Euronext Dublin and Nasdaq Vilnius stock exchanges

Šiaulių Bankas has placed a EUR 300 million bond issue on the international market

Bonds issued by Žalvaris are admitted to the Nasdaq Baltic First North market

Lithuania borrows EUR 2 billion in international financial markets

HeavyFinance started partnership with Multitude Bank

Sun Investment Group successfully issues €8 million bond

Žalvaris successfully placed its first €5 million bond issue

TGS Baltic advises LPKS LATRAPS on the issue and listing of bonds on Nasdaq Riga First North alternative market

Simpact Ventures invested in the medical technology startup Ligence

PRO BRO Group has raised €2 million in the second bond issue

Carbyne Equity Partners has agreed to invest into UAB Biomapas

TEGOS advised Citigroup Global Markets Europe AG on the tap issue of EUR 40 million senior secured bonds by Air Baltic Corporation AS

Šiaulių Bankas has successfully placed MEUR 50 note issue on the international market

Šiaulių Bankas has successfully placed MEUR 300 note issue on the international market

The bond issue of MEUR 2 issued by AB Agathum is listed on the Nasdaq Vilnius Baltic First North market

Civinity has made a private placement of a bond issue to finance a new transaction in Latvia

The Latvian national airline airBaltic issues 340 million 5.25-year secured euro bonds

SIA “Marijas 2” starts a new bond issue

TGS Baltic assisted Šiaulių Bankas on the implementation of „SB Modernization Fund 2“ as securitisation vehicle

TGS Baltic together with „Dentons“ advised the Republic of Lithuania on EUR 1.5 Billion Bond Issuance

TGS Baltic advised the largest Lithuanian capital bank Šiaulių bankas on its 85 MEUR bond listing on Nasdaq Vilnius

TGS Baltic – together with Dentons – advised the Republic of Lithuania on borrowing in total EUR 1.2 bilion in international capital markets

TGS Baltic – together with Dentons – advised the Republic of Lithuania on EUR 650 million bond issuance

TGS Baltic advised AUGA Group and its main shareholder on the delisting of the company’s shares from the Warsaw Stock Exchange and implementation of a respective mandatory tender offer

TGS Baltic advises Maxima Grupė on structuring the Commercial Paper Programme

TGS Baltic advised Civinity, one of the leading facility management and engineering groups in the Baltic States, on a EUR 8 m bond issue

TGS Baltic advised Šiaulių Bankas in approving the EUR 250 mln. Euro Medium Term Note Programme and distributing the first EUR 75 mln. Notes issue under the programme

TGS Baltic advised UAB Valstybės investicinis kapitalas, which invests into the Lithuanian Aid for Business Fund, in approval of EUR 400 million state-guaranteed note program and placement of the inaugural EUR 30 million issue

TGS Baltic advised Evernord on EUR 3,5 million private placement of bonds issued by a subsidiary of Novira Capital Group

TGS Baltic advised the Ministry of Finance of the Republic of Lithuania in EUR 750 million Eurobond issue

TGS Baltic advised the clients on the acquisition of a qualifying shareholding and voting rights in UAB Medicinos bankas

TEGOS advised Akropolis Group on EUR 300 million Eurobond issue

TGS Baltic advised Evernord on the biggest freeze-dried food business in the Baltic States Dehidra’s EUR 4 million bond issue

TGS Baltic advises Maxima Grupė on structuring the Commercial Paper Programme and the EUR 40 million issuance of notes under the programme – the very first transaction under such format in the Baltics

TGS Baltic Latvia and Estonia provided legal support to joint global co-ordinators and joint bookrunners with respect to IPO of 20,000,000 shares of AB “Ignitis grupė”, as part of which EUR 450 million were raised.

TGS Batic advised The Bank of New York Mellon on the largest-ever IPO in the Baltics by Ignitis Group

TGS Baltic advised the Ministry of Finance of the Republic of Lithuania in EUR 1.75 billion Eurobond issue

TGS Baltic advised Ignitis group on the approval of the renewed EUR 1.5 billion bond program and making an issue of EUR 300 million according to it

TGS Baltic advised the Ministry of Finance of the Republic of Lithuania in issuance of two issues of Eurobonds for a record amount of EUR 2 billion

TGS Baltic advised Šiaulių bankas on its 20 MEUR bond listing on Nasdaq Vilnius

AUGA group, AB continued success in capital markets – it finalised a public offering of green bonds

Advised Avia Solutions Group in structuring and issue of bonds for the nominal value of USD 300 million

TGS Baltic advised the Ministry of Finance of Lithuania on two eurobond issues with a total value of EUR 1.5 billion

TGS Baltic advised Šiaulių Bankas in the admission of a EUR 20 million bond issue to trading on Nasdaq Vilnius

TEGOS provided legal assistance to the 51% majority shareholders of SIA S.B.C. in sale of their shares to the minority shareholder the Norwegian company Contiga Holding AS

TGS Baltic advised MAXIMA GRUPĖ, UAB in placement of the largest note issue by a private equity company in the Baltic States

Assisting IK Investment Partners in the acquisition of Katsastus Group’s operations

TGS Baltic advised AUGA group, AB in successfully implementing the largest public secondary stock in Lithuania

TGS Baltic advised UAB Medicinos bankas in approving the bond programme of up to EUR 10 million and placing the first over EUR 2.2 million emission under the programme

TGS Baltic advised AviaAM Leasing and its shareholders on delisting the company shares from the trading on the Warsaw Stock Exchange

Advised UAB Lietuvos Energija in approving the medium term note program

TGS Baltic is implementing another exceptional capital markets project – an SPO of INVL Baltic Real Estate is about to start

TGS Baltic leadership in the capital markets practice continues – AB Novaturas finalises IPO in Lithuania, Poland and Estonia

TGS Baltic represented Credit Value Investments in investing EUR 11 million in Civinity bonds

TGS Baltic assisted HAVI Global Logistics GmbH with buy-out of the minority shareholder of HAVI Logistics SIA