On Thursday, May 22, 2025, the public offering of Invego Latvia OÜ (Invego Latvia) secured bonds (Offering) concluded. As part of the Offering, Invego Latvia offered 4,000 secured bonds with a nominal value of 1,000 euros per bond, with a settlement date of May 29, 2025, and a fixed interest rate of 11% per annum paid quarterly. In case of oversubscription, Invego Latvia had the right to increase the Offering volume by an additional 4,000 bonds. The public offering was available to investors in Estonia, Latvia, and Lithuania.
Summary of subscription results:
- Total subscribed: 15,795 bonds (15.8 million euros)
- Base volume of the issue: 4,000 bonds (4 million euros)
- Oversubscription compared to base volume: 3.95 times
- Final issue volume: 8,000 bonds (8 million euros)
- Number of investors: 2,038 unique subscribers
- Average subscription amount: 7,750 euros per investor
Estonian investors subscribed for bonds worth 10.9 million euros (69% of the total amount), Latvian investors for 4.6 million euros (29%), and Lithuanian investors for more than 260,000 euros (2%). The base volume of the issue, 4 million euros, was thus oversubscribed approximately four times.
The management board of Invego Latvia decided to exercise its right to increase the Offering volume by 4,000 bonds, resulting in a total Offering volume of 8 million euros.
In allocating the bonds, the management board of Invego Latvia decided to distribute the bonds according to the following principles:
- All subscription orders made by the same subscriber were summed up;
- All rounding, if necessary, was done upward;
- Subscription orders from Invego group employees, clients, and previous investors were fulfilled in full in the amount of 1,384,000 euros;
- Bonds worth 6,616,000 euros that remained unallocated based on the above principles were distributed to the remaining investors. Each investor was allocated at least 40% of the subscribed amount, and not less than 1 bond per investor.
According to Invego CEO Kristjan-Thor Vähi, the offering result exceeded all expectations and demonstrates the exceptional trust of Estonian and Latvian investors in Invego's plans. "The 3.95-fold oversubscription confirms that investors strongly believe in our growth story and see potential in the Latvian market. It is particularly gratifying to see the very strong participation of Latvian investors, which validates the correctness of our chosen strategy – Latvians see and believe in the development opportunities of their home market's residential real estate together with us. Increasing the issue volume to 8 million euros is a step that will allow Invego to take even better advantage of planned growth opportunities," said Vähi.
The bonds are expected to be transferred to investors' securities accounts on May 29, 2025, and their first trading day on the Nasdaq Tallinn alternative market First North Bonds List is expected to be May 30, 2025. The first interest payment will be made on August 29, 2025.
Kristjan-Thor Vähi
Member of the Management Board of Invego Latvia OÜ