On 21 June, the Financial and Capital Market Commission (hereinafter – FCMC) approved initial public offering (IPO) Prospectus of pension management company IPAS Indexo (hereinafter – INDEXO), which means that INDEXO may commence its IPO. INDEXO hereby announces that the price of one share will be EUR 14, and subscribing for the shares will continue from 10 a.m. on 28 June until 12:00 on 11 July.
INDEXO will issue a total of 535,000 shares worth 7.49 million euros. The share price has been determined in accordance with INDEXO valuation. There will be no minimum share purchase limit, that is, investors will be able to acquire shares starting from one share at EUR 14.
“With the help of the IPO, we wish to create the first bank in Latvia that will belong to a wide range of residents. So far, no bank in Latvia has been established this way, and our goal is to ensure that operations of the new INDEXO bank reflect the interests of Latvian society and the economy. The more residents and entrepreneurs are involved in the development of INDEXO, the better the priorities of the future INDEXO bank will be aligned with Latvia’s growth priorities. After the IPO closes, our next task will be to continue work on obtaining the banking licence,” says Valdis Siksnis, one of the founders of INDEXO and Chairman of the company’s board.
According to INDEXO IPO prospectus, the IPO will officially close at 15:30 on 11 July. Given that the time of accepting subscription applications may vary depending on the investor’s bank, INDEXO advises investors to submit their subscription applications by 12:00 on 11 July.
INDEXO IPO Retail Offering will take place in Latvia and Estonia, giving the opportunity to subscribe for INDEXO shares to any interested party that has a securities account with a financial institution that is a member of the Nasdaq Riga stock exchange, as provided in the IPO Prospectus. To subscribe for the shares, an investor must read the IPO prospectus and issue a subscription instruction to the bank with which he or she has a securities account.
In case of oversubscription, the shares will be allocated in accordance with the allocation principles described in the prospectus, giving preference to INDEXO 3rd pension pillar customers (within Retail Offering) and the existing shareholders (within Shareholder Offering).
INDEXO plans to attract investment in order to set up a bank in addition to its existing pension management business. INDEXO will apply for a commercial banking licence later this year in accordance with the applicable laws and regulations and, once the licence is received, will gradually roll out its banking services.
Following the IPO, INDEXO shares will be listed on the official Baltic List of the Nasdaq Riga stock exchange. Learn more about the IPO during the Zoom call “INDEXO GOES PUBLIC”, which will be held on June 29, at 11:00.
Thanks to the support of more than 80,000 clients, INDEXO is the fastest growing pension manager in Latvia with approximately EUR 500 million under management.
INDEXO was established in 2017 by a group of 30 experienced business people with an aim to bring the latest approaches in asset management to the Latvian pension market. INDEXO is built on the values of innovation, transparency, integrity, and strong business fundamentals.
More information is available here: www.indexo.lv.
Bank (credit institution) licence is subject to authorization granted by European Central Bank based on Financial and Capital Market Commission’s (FCMC) proposal.
Disclaimer: This announcement is an unpaid marketing communication in accordance with the Prospectus Regulation and does not constitute investment advice or an offer. The information provided herein contains general forward-looking statements on the intended IPO of INDEXO. Every investment decision must be based on a prospectus approved by the Latvian Financial and Capital Market Commission. An approved prospectus will be published on INDEXO website (www.indexo.lv) once available.
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