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The Virši IPO prospectus has been submitted for approval to the FCMC

The fastest growing Latvian capital fuel and alternative energy trader in Latvia Virši (AS Virši-A) has submitted the prospectus for the initial public offering (IPO) to the Financial and Capital Market Commission (FCMC) for approval. This is another step for Virši on the way to the stock market. After the registration of the prospectus in Latvia, the financial and capital supervisory authorities of Lithuania and Estonia will obtain the FCMC approval for the offer to be publicly available in both of the neighbouring countries.

The prospectus provides full information on the IPO, its terms and conditions, as well as the company's operation, strategy and financial performance. It is planned that shortly after receiving the official approval from the regulator, the beginning of the subscription period will be announced.

 

“Rapid development and strong business results have ranked Virši among the leading players in the market and allow us to look at future development with confidence. The initial public offering and admission to the Nasdaq Baltic alternative stock market First North is part of the Virši growth strategy for the coming years. Our goal is to attract new capital to further increase the company's growth rate, while at the same time to offer investors an opportunity to become co-owners of Virši – to continue to work and grow together! In addition, following the global trends, a special loyalty programme has been developed for new shareholders, which will include a number of benefits and special offers in our network,” says Jānis Vība, Virši Chairman of the Board.

 

In the first six months of 2021, the company's consolidated profit increased by 61%, or almost 1 million euros more compared to the same period in 2020, reaching 2.6 million euros, which is the historically highest level of profit of the company in the relevant period. In turn, Virši turnover has shown an increase of 20% compared to the same period in 2020. In the first half of 2021, the company's EBITDA reached 4.5 million euros, an increase of 31%. Considering the current growth trend, Virši management believes that there is a possibility to reach at least 9 million EBITDA in 2021.

 

Not only financial indicators, but also good corporate governance creates a favourable environment for the company's long-term growth, therefore extensive changes were made in the Virši group of companies, including improving the governance structure, implementing best corporate governance practices, as well as approving the dividend policy, which provides for the payment of up to 20% of the profit for the financial year, as determined in the audited consolidated annual report of the group.

 

The Virši priority is the sustainable development of the company and the promotion of transparency by regularly publishing the results of financial and non-financial performance. In order to inform potential investors about the company's news on the way to the stock market, a special section is available on the website https://www.virsi.lv/for-investors

 

The information contained in this announcement does not constitute investment advice nor a proposal. The information in this announcement contains generic forward-looking statements and the intention of AS “Virši-A” on a possible Initial Public Offering (IPO). Any investment decision shall be made subject to a prospectus approved by the Financial and Capital Market Commission of Latvia.

 

About Virši:
AS Virši-A is the largest and fastest growing domestic fuel trader, with 26 years of experience in the Latvian fuel trade sector. Today, the Virši-A network has 63 service stations, of which 61 are full-service, and employs more than 627 people in all regions of Latvia.

 

Additional information:
Undīne Priekule
Virši communication specialist
Tel.: 26866079
E-mail: undine.priekule@virsi.lv
www.virsi.lv

 

Marija Makareviča
Virši communication consultant
Tel.: +371 26893967
E-mail: marija.makarevica@vilands.lv