Today, 16 October, the shares of Eleving Group, a Baltic-headquartered fintech group, start trading on the Nasdaq Riga Baltic Main List and on the Frankfurt Stock Exchange’s Prime Standard.

As previously reported, on 8 October, Eleving Group completed the largest-ever initial public offering (IPO) in Latvia by a private capital company. During the IPO, Eleving Group raised EUR 29 million and attracted 4,515 new shareholders. All funds raised will be used to further develop the business.

Eleving Group saw high demand from both private and institutional investors. Institutional investors, including funds and family offices from the Baltics and Western Europe, accounted for 72% of the total number of shares issued, while 28% were made up of retail investors primarily from the Baltic States. Measured by the volume of demand from retail investors in the Baltic States, investors from Estonia were the most active with 52%, followed by investors from Latvia and Lithuania with 36% and 12% of the total segment demand, respectively. The average amount invested by retail investors was EUR 1,994 per investment or 1,078 shares.

At the end of the IPO, Eleving Group determined the price per share at EUR 1.70, and currently, 18.4% of the company's shares are available for trading (free float). Eleving Group’s shares are trading under the ticker "ELEVR"​ in Nasdaq Riga and under “OT8” in the Frankfurt Stock Exchange, while the ISIN code is LU2818110020.

In accordance with its dividend policy, the company has committed to paying its shareholders a dividend twice a year equal to 50% of profits, which would provide an annual dividend yield of approximately 10% in the first year after the IPO. In the meantime, the funds raised will help over the next three years to almost double the company's business by entering into new markets, strengthening its position in the existing ones, and introducing new products, all while optimizing the Group's debt cost structure in the near term with a tangible effect to be realized immediately after the IPO.