Trading of Eleving Group shares starts today
Today, 16 October, the shares of Eleving Group, a Baltic-headquartered fintech group, start trading on the Nasdaq Riga Baltic Main List and on the Frankfurt Stock Exchange’s Prime Standard.
As previously reported, on 8 October, Eleving Group completed the largest-ever initial public offering (IPO) in Latvia by a private capital company. During the IPO, Eleving Group raised EUR 29 million and attracted 4,515 new shareholders. All funds raised will be used to further develop the business.
Eleving Group saw high demand from both private and institutional investors. Institutional investors, including funds and family offices from the Baltics and Western Europe, accounted for 72% of the total number of shares issued, while 28% were made up of retail investors primarily from the Baltic States. Measured by the volume of demand from retail investors in the Baltic States, investors from Estonia were the most active with 52%, followed by investors from Latvia and Lithuania with 36% and 12% of the total segment demand, respectively. The average amount invested by retail investors was EUR 1,994 per investment or 1,078 shares.
At the end of the IPO, Eleving Group determined the price per share at EUR 1.70, and currently, 18.4% of the company's shares are available for trading (free float). Eleving Group’s shares are trading under the ticker "ELEVR" in Nasdaq Riga and under “OT8” in the Frankfurt Stock Exchange, while the ISIN code is LU2818110020.
In accordance with its dividend policy, the company has committed to paying its shareholders a dividend twice a year equal to 50% of profits, which would provide an annual dividend yield of approximately 10% in the first year after the IPO. In the meantime, the funds raised will help over the next three years to almost double the company's business by entering into new markets, strengthening its position in the existing ones, and introducing new products, all while optimizing the Group's debt cost structure in the near term with a tangible effect to be realized immediately after the IPO.
About Eleving Group
Eleving Group has driven innovation in financial technology around the world since its foundation in Latvia in 2012. As of today, the group operates in 16 markets and 3 continents, encouraging financial inclusion and upward social mobility in underserved communities around the globe. Eleving Group has developed 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. Currently, 55% of the group's portfolio is located in Europe, 32% in Africa, and 13% in the rest of the world.
The Group's historical customer base exceeds 1.3 million customers worldwide, while the total volume of loans issued goes beyond EUR 1.8 billion. With headquarters in Latvia, Lithuania, and Estonia and a governance structure in Luxembourg, the Group ensures efficient and transparent business management, powered at the operational level by over 2800 employees. For two consecutive years, the Group was listed among Europe’s 1000 fastest-growing companies, as published by the Financial Times in 2020 and 2021.
The Group closed 2023 with strong financial results—its adjusted EBITDA stood at EUR 77.5 million, revenue at EUR 189.3 million, and adjusted net profit at EUR 24.5 million. Eleving Group’s net portfolio reached EUR 320.3 million. In 2024, Fitch, a leading credit rating agency, upgraded Eleving Group's rating from B- to B with a stable outlook.
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