BDO Latvia audit client AS DelfinGroup successfully closed initial public offering (IPO) on Nasdaq Riga

12 November 2021

AS DelfinGroup initial public offering (IPO) on Nasdaq Riga was successfully closed. In total 5,927 investors participated, including 10 institutional investors. This is the largest ever IPO in Latvia in terms of investor activity. Demand reached 73% of the initial base offer (up to 7 300 000 shares) while EUR 8.09 million of gross proceeds were raised as a result of the IPO. 

The price per share was EUR 1.52, and the minimum subscription amount per investor was one share. The term of the offer was 10 working days and the subscription period started on 28 September 2021 and ended on 11 October 2021. 

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 were able to participate in IPO. 

1,146 investors from Latvia subscribed for 1,903,485 IPO shares, 4,584 investors from Estonia - for 3,185,381 shares, 153 investors from Lithuania - for 141,807 shares and 44 investors from other countries - for 88,921. 

According to DelfinGroup Chairman of the Management Board Didzis Ādmīdiņš, with the funding from IPO, the Company will be able to refinance the current liabilities on more favorable terms, continue developing existing services and introduce new ones to grow revenues and profits. The Company aims to reach the previously announced long-term targets, including doubling our loan portfolio by the end of 2024. 

BDO Latvia was glad to contribute to achieving this important milestone by being an independent auditor of DelfinGroup Financial Statements since 2018 and looking forward to further cooperation with the Company. BDO Latvia audit and assurance service line focuses on the financial services industry including fintech, microlending, and leasing companies for a number of years and holds a leading position in the market. BDO audit and assurance team has strong IFRS competencies and extensive FSI experience which allow us to deliver high-quality assurance and advisory services to our clients. The Firm has ACCA and DipIFR full members and provides training programs focused on servicing IFRS reporters with complex business models. We work with our clients multidisciplinary and provide legal, tax, corporate finance and other services helping to resolve complex business cases and support business growth.