Kalve Coffee's IPO exceeds the initial capital raising target by 16%
Specialty or premium coffee roaster Kalve Coffee announces that 1,255 investors took part in the initial public offering (IPO), raising gross proceeds of EUR 1.16 million, primarily earmarked for the company's further development. The company hence exceeded its initial target of EUR 1 million by 16%.
"We thank everyone who decided to participate in the public offering, therefore becoming a part of the Kalve Coffee family. This trust will help us to implement our development plans and to introduce our brand to coffee lovers outside Latvia in the near future," says Gatis Zēmanis, co-founder and Chairman of the Board of Kalve Coffee.
"We plan to announce the details of the shareholder loyalty programme, eligible to investors with at least 100 shares, in a separate announcement before the admission of shares to trading on Nasdaq First North Riga, which is anticipated to be this coming Friday,” Zēmanis added.
96% of the demand came from Latvian investors, with the balance primarily from Estonian investors. The transaction includes the previously-flagged second investment into the company’s shares by well-known Latvian basketball player Dāvis Bertāns which will take place via the conversion of a loan into shares at the same price as the IPO. All investors will be fully allocated their orders as the company reached its capital raising target within the EUR 1.5 million cap.
“Despite the modest offering size we observed meaningful participation from institutional investors in this investment case,” says Ivars Bergmanis, partner of ViaClarus, the company’s financial adviser in connection with the offering. “Having now executed a third Nasdaq Riga First North IPO I am convinced that it is proof of its merit in providing funding, as well as international visibility for ambitious and transparent Latvian companies such as Kalve Coffee.”
“Kalve Coffee IPO results reflect the confidence and trust of the investors supporting businesses based on local capital. This trust reinforces the company’s transparency, good corporate governance principles, and commitment to delivering the highest value to its partners. Congratulations to each shareholder and Kalve Coffee on this milestone, which marks an exciting chapter ahead,” says Justīne Ignatavičute, Head of Capital Markets at ZAB Eversheds Sutherland Bitāns SIA, acting as the legal counsel on the issue.
According to the Information Document of AS Kalve Coffee, the offer consisted of a public offer open to private investors in Latvia and Estonia and an institutional offer directed to qualified investors. The current shareholders have entered into an agreement agreeing not to sell, transfer, or otherwise dispose of their shares for a period of 18 months.
Offer timetable
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Start of the offer period |
13 November 2024 at 10.00, Riga time |
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End of the offer period |
29 November 2024 at 15.30, Riga time |
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Announcement of the outcome of the tender and results of the award |
2 December 2024 |
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Settlement of the offer |
4 December 2024 |
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First trading day on Nasdaq Riga First North |
6 December 2024 |
Additional information:
Gatis Zēmanis
AS Kalve Coffee Board member and co-founder
info@kalvecoffee.com
www.kalvecoffee.com
About Kalve Coffee:
Kalve Coffee is a specialty coffee roaster founded in 2019 by Gatis Zēmanis, Raimonds Selga and Jānis Andersons with an eye on what they want to leave for future generations. That's why KALVE works to leave a positive imprint on every action, so that it can create an emotionally fulfilling legacy for generations to come. The Company has proven that it can be profitable while changing the industry for the better by making decisions based on its core values. KALVE is the first company in the Baltics to be granted the B Corp Sustainability Certificate - the gold standard in ESG risk management, and in 2023 the Company received the "Latvian Sustainable Management Award" from the Bank of Latvia.
The Company has four cafe-stores in Riga, Latvia, and one in Germany. KALVE roasts its premium (or specialty) coffee at its roastery in Jaunmārupe, Latvia. The Company offers rental services and maintenance of coffee machines, coffee beans, and private labelling, and provides an e-commerce platform to buy coffee, allowing KALVE to be enjoyed from anywhere.
Disclaimer: This announcement is an unpaid marketing communication and does not constitute investment advice or an offer. The information provided herein contains statements on the Public Offering of shares of AS “Kalve Coffee”. Every investment decision must be based on the Information Document. Information Document is available on AS “Kalve Coffee” website [*].
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