Subscription for shares of the first Initial Public Offering (IPO) on Nasdaq Riga this year is nearly over – only 7 days left (until 11 October inclusive) to subscribe for AS DelfinGroup IPO shares. Price per offer share is EUR 1.52 and the minimum subscription amount per investor is 1 share. However there is no limit for the maximum amount of share subscription.

AS DelfinGroup Chairman of the Board, Didzis Ādmīdiņš: “During the first week of subscription the investor activity was very promising – we expect institutional investors along with retail investors from Latvia, Lithuania and Estonia to become our new shareholders as a result of IPO. We see remarkable activity from retail and private investors.s. We hope that investor interest will remain at least as high as in the first subscription week and everyone, who have not yet subscribed for the shares, will have the opportunity to do so. We are looking forward to continue working towards attaining our long term strategic goals after the IPO process will be finished.”

As reported today a research report on AS DelfinGroup and its valuation by LHV analysts was published on AS DelfinGroup website (www.delfingroup.lv). According to it the company's post-money valuation (or valuation after the raised capital in the IPO process) is estimated between 80-90 million euros, assuming that at least 12.5 million euros will be raised during the IPO (so the company is able to achieve its financial targets). Didzis Ādmīdiņš, Chairman of the Management Board of AS DelfinGroup, comments: “The IPO share price is 1.52 euros, which means that the company currently values itself pre-money at approximately 60 million euros. If the new capital raised is added arithmetically, the value stands at around 73 million euros. However, LHV Bank's analysts (taking into account their value range midpoint, i.e. 85 million euros) believe that the value of the company is higher than the IPO price. We respect the opinion of independent analysts about the value of the company. We have read the report and believe that it is of good quality. It is common practice that the IPO share price is lower than the fair value of the shares, as this is how rewards in the form of so-called IPO discount are passed to the investors who trust and dare to become shareholders of a company in the IPO process.”

The number of shares to be issued in the IPO is up to 8 395 000, and the total planned number of shares of the company after the IPO will be up to 48 395 000. Accordingly, the fair value of one share currently might be approximately in the range of 1.65 to 1.86 euro (given the new capital raised is at least 12,5 million euros).

Any retail investor from Latvia, Lithuania and Estonia and qualified institutional investors from EEA countries as well other institutional investors in line with IPO prospectus may participate in IPO. AS DelfinGroup plans to raise up to EUR 12,76 million gross proceeds during the IPO. All capital raised will be used to further grow the company and to reduce the cost of financing. The current AS DelfinGroup shareholders will not sell any of their shares during the IPO process.

The offer period will finish on 11 October at 15:30. To subscribe for shares investors must submit a subscription undertaking to their bank. Subscription is facilitated by the members of Nasdaq Riga: LHV Bank, Swedbank, SEB, Luminor Bank, Citadele, Rietumu Banka, BlueOrange, Signet Bank, Siauliu Bankas, Skandinaviska Enskilda Banken, Nordea Bank and others. Full list of Nasdaq Riga members is available on: https://nasdaqbaltic.com/statistics/lv/members.

To watch the virtual IPO presentation, go to: https://youtu.be/O2fm1K_W8d0

The Financial Capital and Market Commission (FCMC) registered AS DelfinGroup prospectus for initial public offering on 21 September 2021. AS DelfinGroup has submitted the application to be listed on Nasdaq Riga Baltic Main List and will be one of four Latvian and 33 Baltic companies to be traded on this list. LHV Bank and the law firm Eversheds Sutherland Bitāns are acting as AS DelfinGroup IPO advisors. AS DelfinGroup has signed a market making contract with AS LHV Pank to provide liquidity for shares of AS DelfinGroup. More about market makers: https://nasdaqbaltic.com/market-information/market-makers/

More information about the planned IPO is available at: www.delfingroup.lv

About AS DelfinGroup

AS DelfinGroup is a licenced technology-based financial service company that was established in 2009 and operates under the brand names Banknote and VIZIA. The company continuously develops and offers consumer and pawn loans, loans developed for senior citizens, Buy now pay later loans (BNPL loans), as well as sale of pre-owned goods both online and at more than 90 branches across Latvia. On average, 35,000 thousand loans are issued every month and serviced by the professional team of more than 250 AS DelfinGroup employees. The company has a total of over 400,000 registered customers. Since 2014, AS DelfinGroup has been known on the Nasdaq Riga as a bond issuer. The company regularly pays dividends to its shareholders. In 2020, the company's net loan portfolio grew to EUR 34.6 million, while its EBITDA reached EUR 9.3 million, with profits before income tax for dividends of EUR 4.65 million. The company’s sustainability is based on focused corporate governance, fintech innovation, responsible lending, financial inclusion and facilitating the circular economy. The company has been profitable every year since 2010.

For further information, please contact:
Kristaps Bergmanis,
AS DelfinGroup Management Board Membe
Tel: +371 26189988
WhatsApp: +371 26189988
E-mail: [email protected]