Nasdaq Welcomes Eleving Group to the Nasdaq Baltic Main List

16.10.2024 RIG, TLN, VLN

Riga/Tallinn/Vilnius, Nasdaq Baltic Market, October 16, 2024 – Nasdaq (NDAQ) announces that the shares of Eleving Group (ticker: ELEVR) have been listed on the Nasdaq Baltic Main List by Nasdaq Riga as of today.

A total of 4,515 investors subscribed to the Eleving Group shares for a total of 33 million euros, as the base volume of the offer was oversubscribed by 1.2 times.

The offer attracted 4,466 retail investors, constituting 28% of the overall allocation of the issued shares. Estonia led the retail demand split by Baltic states with 52%, followed by Latvia with 36%, and Lithuania with 12% of subscriptions. The average retail subscription was 1,994 euros.

“Congratulations to Eleving Group on the successful IPO. It is undoubtedly one of the most significant events in the Baltic capital markets this year. Firstly, it is the largest IPO in Latvia’s history, and secondly, starting today, the company’s shares are available for trading on the Nasdaq Baltic and Frankfurt stock exchanges,” says Liene Dubava, CEO of Nasdaq Riga.

“We have reached a significant milestone for the company to further pursue its growth path. Also, by raising 29 mln EUR, we became the largest IPO ever in Latvia. The result affirms our time-tested business approach and track record, which has given investors confidence in Eleving Group’s story. We are grateful to more than 4,500 new shareholders who joined our journey, our syndicate partners — LHV, Signet, and Warburg — and our advisors for their unwavering support. A special thanks to Nasdaq Baltic for facilitating our smooth entry into the equity market,” says Modestas Sudnius, the CEO of 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 around 2800 employees. For two consecutive years, the Group was listed among Europe’s 1000 fastest-growing companies published by the Financial Times in 2020 and 2021.