The IPO prospectus for submission to the FCMC has been approved at the shareholders’ meeting of ‘DelfinGroup’

Latvian Financial Concern JSCDelfinGroup”The shareholders’ meeting on September 9, 2021 approved the initial public offering (IPO) prospectus, which envisages the issuance of up to 8,395,000 new shares of the company. The IPO prospectus will be submitted to the Financial and Capital Market Commission for approval (FKTK).

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The shareholders’ meeting also adopted decisions related to the IPO, including the authorization of the Board to perform the necessary actions for the initial public offering, listing of shares and commencement of trading. “Nasdaq Riga“on a regulated market (Baltic In the Official List), registration of the new version of the Articles of Association in the Register of Enterprises, signing of agreements with the Nasdaq Riga Stock Exchange and the Nasdaq CSD SE Depository, as well as making decisions related to the implementation of share price stabilization.

Agris Evertovskis (in the photo), Chairman of the Supervisory Board and shareholder of JSC “DelfinGroup” (in the photo) informs: “At present new capital of up to EUR 15 million. All the capital raised will be used for the company’s further growth, as well as to reduce the company’s financing costs. “

The shareholders of DelfinGroup also decided to strengthen the regularity and procedure for the payment of dividends specified in the company’s dividend policy. The dividend policy provides for the payment of dividends on a quarterly basis, paying up to 50% of the quarterly profit in dividends (quarterly dividends). In addition, once a year after the approval of the annual report, there is a possibility to make additional dividends (annual dividends). During the financial year, it is planned to pay at least 50% of the company’s consolidated profit to shareholders in dividends.

Among other things, the shareholders approved the possibility to issue new bonds up to 10 million euros this year, as the bonds issued in 2016 will be redeemed this autumn. The issue of new bonds will provide an opportunity for existing bondholders to continue investing in DelfinGroup bonds.

In addition, the articles of association specified the conditions under which the board must coordinate the assumption of financial obligations with the council. The new wording stipulates that the board must coordinate the commitment of financial obligations over 100,000 euros.

In the summer of this year, JSC “DelfinGroup” published the company’s long-term financial goals for 2024. By the end of 2024, the company plans to double its consolidated net loan portfolio, exceeding EUR 70 million. By gradually increasing profitability, the company plans to achieve EBITDA of 17.6 million euros in 2024, as well as a profit before taxes of 12.9 million euros.

In March of this year, JSC “DelfinGroup” announced plans to conduct an initial public offering (IPO) of shares on the Nasdaq Riga stock exchanges in the Baltic Official List in the second half of 2021. The offer will be intended for private investors in Latvia, Estonia and Lithuania, as well as institutional investors from European Economic Area (EEA) countries. The financial advisors of the DelfinGroup IPO process are LHV banka and Eversheds Sutherland Bitāns.

The share capital of the company consists of 40,000,000 shares with a nominal value of 0.1 euros per share.

JSC “DelfinGroup” is a licensed technology-based financial group, founded in 2009 and working with the brands “Banknote” and “Vizia”.


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