Enterprise Investors has partially exited Baltic travel operator Novaturas through its IPO after plans for its proposed trade sale fell through last year.

The IPO, which sees Novaturas list on the Warsaw Stock Exchange and Nasdaq Vilnius, generated gross proceeds of €17.8m. Enterprise Investors has sold 22 per cent of the business, retaining a 49 per cent stake.

Novaturas works with 400 travel agencies to offer package holidays to over 30 destinations worldwide. Last year the business grew revenues to €141m, a 38 per cent increase on 2016. Ebitda and net profit reached €10.6m and €8.2m, almost doubling on the year previous.

Enterprise Investors partner Sebastian Król said: “The Novaturas business model has proved appealing to investors. In the future, management plans to distribute up to 80 per cent of the net profit to shareholders. This combined with positive macroeconomic trends in the region and Novaturas’s operational excellence creates a good outlook for the company’s investor base.”

Enterprise Investors had initially agreed to sell Novaturas to Polish travel company Itaka but the firm stated the sale had been cancelled in November due to delays relating to anti-monopoly approval.

Enterprise Investors picked up its 71 per cent stake in the business in 2007 for €40m.