Madis Toomsalu, a member of the Supervisory Boards of both IPAS INDEXO and INDEXO Bank and former CEO of Estonia’s LHV Group, has purchased INDEXO shares at EUR 10.00 per share, matching the price of INDEXO’s directed share issue completed in August. The investment further aligns his interests with those of INDEXO’s shareholders as the company prepares its planned listing in Stockholm. 

The shares were acquired on 17 September. In total, 40 000 INDEXO shares were purchased, representing an investment of EUR 400 000 and a premium to INDEXO’s current share price on Nasdaq Riga.  

“Over the past years, INDEXO has demonstrated an ability to challenge outdated traditions in Latvia’s financial sector while delivering tangible benefits to customers. I believe the company is well positioned for its next phase of growth, and this investment reflects its long-term potential,” said Madis Toomsalu. 

The shares are subject to a three-year lock-up approved by the Extraordinary Shareholders’ Meeting on 1 July 2026, during which they cannot be sold. As compensation for the restriction on disposal, the holder is entitled to an amount equal to 15% of the invested sum once the lock-up expires. 

Mr. Toomsalu is a highly experienced banking executive with leadership experience across the Baltic financial sector. He served as a member of the Management Board of AS LHV Group, chaired the Supervisory Board of AS LHV Pank and served as Chairman of the Board of Directors of LHV UK. His experience spans banking strategy, credit risk management, asset management and corporate governance.  

The investment comes as INDEXO continues preparations for its planned listing on Nasdaq First North Growth Market in Stockholm, following the directed share issue announced in July, which attracted EUR 1.85 million from Swedish and international investors, including Alexander af Jochnick and Seumas Dawes.