Today, November 21, the Bank of Latvia has approved the prospectus for the voluntary share buyback offer by IPAS INDEXO, the parent company of the INDEXO financial services group, to AS DelfinGroup shareholders. The offer period will start on Monday, November 24, and will run until December 8. At the same time, from November 24 to December 5, subscriptions for IPAS INDEXO’s new share issue will take place. INDEXO plans to raise up to €7.5 million, with the new shares priced at €10.15 each. The new capital will be used to implement the DelfinGroup share buyback offer and further develop INDEXO Bank, including increasing lending volumes.
As part of the DelfinGroup voluntary share buyback transaction, DelfinGroup shareholders will be offered to exchange 7.3 AS DelfinGroup shares for one IPAS INDEXO share. Alternatively, DelfinGroup shareholders will have the option to sell their DelfinGroup shares at a price of €1.30 per share, subject to the terms and conditions of the prospectus. A third option is to keep their existing DelfinGroup shares and continue participating in DelfinGroup’s growth.
“Through the share exchange and acquisition between INDEXO and DelfinGroup, we aim to create a leading local financial services group that will provide a wide range of modern and cost-effective services to Latvian residents—from pension management to various types of lending. Importantly, all companies involved in the transaction—INDEXO pension management, INDEXO Bank, and DelfinGroup consumer lending—are already growing rapidly on their own, and combining forces will create additional synergies for product portfolios, distribution channels, and financing further growth, which in turn will increase the new group’s value for all shareholders,” says Henrik Karmo, Chairman of the Management Board of IPAS INDEXO and one of INDEXO’s founders.
INDEXO has already received commitments from major DelfinGroup shareholders to exchange a total of around 62% of DelfinGroup shares for INDEXO shares, providing confidence that the transaction will be successfully completed. After the voluntary share buyback offer, a mandatory buyback offer will follow, and INDEXO has already secured financing for the share buyback transactions.
“This is the first voluntary share buyback transaction of this scale in the Latvian capital market, and we are proud to be approaching its implementation. As part of the transaction, I have personally committed to exchange my 75,000 DelfinGroup shares for INDEXO shares. I encourage other DelfinGroup shareholders to do the same and participate in the future growth of the INDEXO group. There is already significant investor interest in INDEXO’s new share issue, with subscription intentions received for 52% of the new issue volume. This share issue is planned as one of the last capital-raising rounds for INDEXO’s development. Any future rounds, if needed, will be aimed at accelerating further profitable growth,” says Valdis Siksnis, Chairman of the Management Board of INDEXO Bank and one of INDEXO’s founders.
On November 25, at 10:00 (in Latvian) and at 14:00 (in English), online webinars will be held where INDEXO will present its Q3 2025 results, the offer to DelfinGroup and INDEXO shareholders, and details about the new INDEXO share issue. Representatives of both INDEXO and DelfinGroup management will participate in the webinars.
The prospectus for the voluntary share buyback offer is published on INDEXO’s website (www.indexo.lv/investoriem) and attached to this announcement.
To issue the shares that IPAS INDEXO offers in exchange for DelfinGroup shares, an Exemption Document from the obligation to publish a prospectus has been prepared, describing the planned transaction and its impact. The Exemption Document is published on INDEXO’s website (www.indexo.lv/investoriem) and attached to this announcement.
The public share issue prospectus of IPAS INDEXO (consisting of the Securities Description and Summary, as well as Second Supplement to the Universal Registration Document) is published on INDEXO’s website (www.indexo.lv/investoriem) and attached to this announcement.
