Central and Eastern Europe-focused private equity fund manager Enterprise Investors has partially exited its stake in Lithuania-based tour operator Novaturas via an initial public offering (IPO) on the Warsaw Stock Exchange and Nasdaq Vilnius. Enterprise sold a 22 percent stake for gross proceeds of EUR17.8 million (approximately US$22 million). Enterprise, which retains a 49 percent stake in Novaturas, originally invested in the company in 2007 through Polish Enterprise Fund VI.