INDEXO IPO significantly oversubscribed, raises EUR 7,49 million

INDEXO IPO significantly oversubscribed, raises EUR 7,49 million
INDEXO Komanda

Pension management company IPAS Indexo (hereinafter – INDEXO) has met its investment target of EUR 7,49 million with the demand for the newly issued shares significantly exceeding the offered amount. Overall demand for shares reached a value of EUR 9,99 million and the IPO was thus oversubscribed by EUR 2,5 million. In total, 3 562 investors participated in the IPO.

“We express sincere gratitude to the investors, who have shown support for our plans by contributing their funds during the IPO. The impressive demand is the best confirmation, that investors believe that a new bank is needed in Latvia and trust its growth potential. Our moment of celebrations will be brief as we are immediately getting back to work on the implementation of our plans in building the new bank,” says Valdis Siksnis, INDEXO Chairman of the Board and one of its founders.

INDEXO shares in the IPO have been acquired by 3 226 private investors and 336 corporate entities, including investment funds. More than 91% investors are from Latvia with majority of the remaining orders originating from Estonia. The average IPO share transaction was EUR 1 900.

“This was a unique IPO as we conducted it entirely by ourselves, without an investment bank, which will allow to devote all the raised funds to the realization of our plans, that is, without paying significant fees to an investment bank. This IPO model ensures, that we maximize the investment value for our current and new shareholders,” continues V. Siksnis.

Taking into account that the IPO was oversubscribed, the allocation of the shares will be done according to the previously approved allocation principles.

Following the IPO, INDEXO shares will be listed on the Baltic Main List of the Nasdaq Riga stock exchange with the first trading day this Friday, July 15.

During the INDEXO IPO, investors were offered to acquire shares in the pension management company and in the future it is planned that the new INDEXO bank will be a subsidiary of the pension management company. During this year, INDEXO plan to submit an application for a bank license in line with the regulations and will gradually introduce banking services – starting from retail service for individuals and followed by corporate banking.

The arranger of the Nasdaq auction was Signet Bank, and INDEXO IPO legal consultant is law firm Eversheds Sutherland Bitāns.

Bank (credit institution) licence is subject to authorization granted by European Central Bank based on Financial and Capital Market Commission’s (FCMC) proposal.

INDEXO is the fastest growing pension management company in Latvia by the number of customers as more than 80,000 customers have entrusted their pension management to INDEXO for a total sum of almost EUR 500 million. 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, forming foundation for future growth.

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