IPAS “Indexo” (hereinafter – INDEXO), which last year launched a local bank in Latvia, has raised 2.76 million euros in its new share offering. A total of 272 108 new INDEXO shares will be issued at a price of EUR 10.15 per share.
A total of 985 investors participated in the share offering, of which 694 purchased INDEXO shares for the first time. The average investment amount per investor in this offering was 2 804 euros. The total number of INDEXO shareholders reaches 6 400.
“I would like to thank everyone who participated in the new share offering, which enables us to take our next significant step forward – launching mortgage lending within the next month. With each round of capital raising, we expand the community of INDEXO shareholders, building a financial services group that is truly owned by the people of Latvia. Following this offering, the total number of INDEXO shareholders will exceed 6 400. Our goal is to create a financial services group owned by Latvian residents, working in the interests of local people, making strategic decisions right here in Latvia, and driving positive changes in the Latvian financial services market,” says Valdis Siksnis, Chairman of the Management Board of INDEXO Bank.
The new capital will help INDEXO Bank to continue its growth, aiming to reach the break-even point at the group level (before provisions for credit losses) this year and start issuing home loans within the next month. To achieve the goals more quickly, an additional closed share issue may also be implemented within the authorization granted by the shareholders’ meeting
INDEXO carried out the new share offering independently, without the involvement of investment banks, which allows the company to reduce capital raising costs and provide more value to its shareholders.
