Nasdaq Welcomes Virši to the Baltic First North Market
Riga/Tallinn/Vilnius, Nasdaq Baltic Market, November 11, 2021 – Nasdaq (NDAQ) announces that the shares of AS Virši-A (trading ticker: VIRSI), a Latvian capital-based fuel and alternative energy trader, have been admitted to trading on the Nasdaq Baltic First North Market by Nasdaq Riga as of today, November 11.
The admission to trading of AS Virši-A (Virši) shares follows an initial public offering (IPO) by the company which ended on November 5 and set a Latvian record for the intensity of investor activity.
Virši raised 7.8 million euros through the IPO, in which a total of 9,979 investors participated, including 15 institutional investors. Demand was nearly twice the number of base offer available. Among the investors in the shares, almost half, or 4,732, are from Latvia, while 5,128 are from Estonia and 97 are from Lithuania. LHV Bank and the law firm Eversheds Sutherland Bitāns advised in the IPO process.
The Chairman of the Management Board of Virši Jānis Vība, the Head of Institutional Markets at LHV Bank Ivars Bergmanis, and the CEO of Nasdaq Riga and the Head of Nasdaq Baltic Exchanges Daiga Auziņa-Melalksne rang the symbolic opening bell of the stock exchange on the morning of the Virši shares’ first day of trading.
“We welcome Virši to Nasdaq Riga and to the Baltic First North market,” said Daiga Auziņa-Melalksne, the CEO of Nasdaq Riga and Head of the Nasdaq Baltic Market. “The First North market is a growth platform for ambitious companies like Virši and we are excited to see that so many investors want to be part of their growth story. We wish them the success as their journey as a public company begins.”
"A successful start on the stock exchange is both the end of a long period of preparation and the beginning of a new operational phase, now in the official status of a public company. We are grateful to every investor for their interest in the initial public offering of our shares. Almost 7,500 investors or nearly 75% of all investors have bought a hundred or more shares and, thanks to the trust shown, these investors can apply for the Virši shareholder benefit programme today, receiving practical and daily benefits throughout the Virši station network. The active participation of investors will allow us to further accelerate the development of the company, as well as to improve the offer of alternative fuels in the Latvian market,” emphasized Jānis Vība, the Chairman of the Management Board of Virši.
“It is most heartening that retail investor activity in Latvia is clearly beginning to blossom with the Virši transaction. This is a great example of a company looking to grow together with its local comunity” said Ivars Bergmanis, Head of Institutional Markets at LHV Bank, the IPO’s global lead manager and bookrunner.
LHV Bank now also serves as the certified adviser for Virši on the First North market.
The Nasdaq First North market is designed to support smaller, growing companies that want to raise capital and get the visibility and credibility of being a public company. For investors, First North offers an opportunity to invest in companies that are at an earlier stage of their growth.
About Virši
AS Virši-A is the largest and fastest growing Latvian fuel trader, with 26 years of experience in the Latvian fuel trade sector. Today, company operates a network of more than 63 service stations, of which 61 are full-service, and employs more than 627 people in all regions of Latvia. Read more: www.virsi.lv/en
About Nasdaq
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Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq Riga, Nasdaq Vilnius securities exchanges as well as Nasdaq CSD. Read more: nasdaqbaltic.com.
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Nasdaq Baltic is a common name for exchanges, regulated markets, alternative markets First North operated by Nasdaq companies in the Baltic states, i.e. Nasdaq Tallinn AS, Nasdaq Riga AS and AB Nasdaq Vilnius.
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