News Pricer.lt

Eleving Group announces its IPO plans and intention to list in Riga and Frankfurt…

Eleving Group skelbia apie savo IPO planus ir ketinimą listinguotis Rygos ir Frankfurto ...

Eleving Group has announced plans for an initial public offering (IPO) of its shares and its intention to list on the Baltic Main List of the Nasdaq Riga Stock Exchange and the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange.

During the IPO, Eleving Group aims to offer investors the opportunity to invest in one of the fastest growing fintech companies based in the Baltic States and Luxembourg, operating in the vehicle and consumer finance segments in 16 markets and 3 continents.

The planned IPO is expected to consist primarily of the issuance of new shares by Eleving Group and the possible sale of existing shares as an option to increase the offering.

Eleving Group plans to use the net funds raised during the initial public offering of its shares for the business development of the Group and its consolidated subsidiaries, introducing new products, opening new markets and continuing portfolio development in existing markets. In the short term, the funds can be used to pay off existing debt to reduce financing costs and for general corporate purposes.

During the IPO, the shares will be offered to retail investors in Latvia, Estonia, Lithuania and Germany (retail offering) and through indirect distribution to professional investors. The company's statement emphasized that the exact structure and timing of the IPO depends, among other things, on prevailing market conditions and the timing of obtaining the necessary approvals from the Commission de Surveillance du Secteur Financier (CSSF), obtaining the relevant corporate approvals and entering into the necessary agreements.

"Eleving Group has established itself as a successful company and a reliable partner in the capital markets for more than a decade, issuing bonds worth around EUR 400 million, and serving more than 1.3 million customers worldwide during 12 years of operation. During this period, we have become one of the leading and most competitive companies in the Baltics countries' fintech exporters. Now is the time to give the wider public an opportunity to be a part of our growth. We are confident that with the IPO funds, the company will be able to continue to successfully grow its global expansion. Investors will invest in a well-run, highly profitable business , which aims to pay half-yearly dividends, the target payout ratio of which exceeds 50 percent" – said Modestas Sudnius, CEO of Eleving Group.

"The IPO route is a long-considered and thought-out decision of our company, which fits perfectly with the diversification strategy of our group's capital structure. With this IPO, we not only give investors from the Baltic States and Germany the opportunity to be part of an ambitious and globally oriented business, contributing to the entire capital market of the Baltic States growth and dynamics, but also by acquiring resources that would facilitate the further growth of the company. We intend to use the collected funds for the development of the Group's activities in the near future, and in the near future we intend to test their effectiveness in the existing geographical areas , part of the collected funds will be used for short-term liquidity management and partial repayment of the Group's obligations," added Maris Kreics, the group's financial director.

Since its founding in Latvia in 2012, Eleving Group has been promoting innovation in the field of financial technologies worldwide. Today, the group operates in 16 markets and 3 continents, promoting financial inclusion and increasing social mobility in underserved communities around the world. Eleving Group has built a multi-brand portfolio for its vehicle and consumer finance business lines, with around 2/3 of the portfolio comprising secured vehicle loans and mobility products, with Mogo as the leading brand, and around 1/3 of the portfolio including unsecured consumer finance products, and Kredo and Tigo are the leading brands in the segment. Currently, 55 percent of the group's portfolio is in Europe, 32 percent in Africa and 13 percent in the rest of the world.

The group's historical customer base exceeds 1.3 million customers worldwide, and the total volume of loans issued exceeds 1.8 billion. euros. With headquarters in Latvia, Lithuania and Estonia and a management structure in Luxembourg, the group ensures efficient and transparent business management, which is carried out by approximately 2,800 employees at the operational level.

Eleving Group closed the six months of 2024 with a record half-year profit of 15.4 million. EUR (26 percent more than in the same period last year) net profit, increasing the income to 102.0 million. euros (21 percent more than a year ago) and raised the adjusted EBITDA to 43.6 million. euros (28 percent more than in the first six months of 2023), and the net portfolio reached 342.5 million euros. euros (21 percent more than a year earlier).

News source

Dalintis:
0 0 balsai
Straipsnio vertinimas
guest
0 Komentarai
Seniausi
Naujausi Daugiausiai įvertinti
Inline Feedbacks
Rodyti visus komentarus

Taip pat skaitykite: