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Virši announces that it plans to launch an initial public offering of shares on Nasdaq Baltic First North

Important notice:

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


Today, Virši (AS Virši-A), the fastest growing Latvian capital fuel and alternative energy trader in Latvia, announces the plan to raise capital via an initial public offering (IPO) and subsequently admitting the shares to trading on Nasdaq Baltic First North in the second half of the year. 

The issuance of shares and admission to trading on the Nasdaq Baltic alternative market First North is part of the Virši expansion strategy for the coming years, with the aim to attract investments to further increase the Company's growth. The primary focus will be on retail investors in Latvia, Estonia and Lithuania who would like to become shareholders of the Company and thus be a part of the Company’s future development. In order to inform prospective investors about the Company's news while preparing for its debut on the stock exchange, Virši has opened a special section for prospective investors on its website


Virši growth plans for the coming years envisage further expansion of geographical coverage and investments in infrastructure - opening new as well as modernizing existing fuel and alternative energy service stations both in Riga and throughout Latvia. The new strategy also includes a significant expansion of new products and services for customers and cooperation partners, especially by developing the offer of alternative energy and promoting their availability in Latvia.
Virši is on a path of a rapid growth, increasing its turnover by more than 50% over the last five years. In 2020 it reached EUR 171.4 million. Net profit, on the other hand, has more than tripled since 2016, rising to EUR 5.1 million, while EBITDA has more than doubled, reaching EUR 7.6 million. 
"Despite the challenges of 2020 in many sectors, including transport we have continued to increase the Company's profitability over the past year, strengthening our competitiveness and market share. Our sales in both the fuel and in-store retail segments, as well as the Company's profitability in 2020, reached an all-time high. Convincing growth, a strong team, successful financial results and an ambitious development strategy for the coming years inspire us for further achievements,” Jānis Vība, Chairman of the Board and Managing Director of Virši comments on the performance of the Company.
He points out that “the transport sector faces challenges and at the same time exciting opportunities on the road to cleaner energy. We provide them today, starting with compressed natural gas or CNG refuelling stations and electric car charging points. In order to promote the use of environmentally friendly road transport, we will continue to create the future market for the supply of energy to electric cars by opening more and more new electric car charging points and promoting their wider availability to the population. In the coming years, we will continue to expand the range of cleaner energy in the transport sector with products such as biomethane, liquefied natural gas and hydrogen, in order to become a convincing industry leader in the offer of alternative energy in Latvia. We also plan to expand our operations in the energy sector by offering electricity and natural gas products and services to the Latvian business to business (B-2-B) segment and households.”
"Raising capital on the stock exchange is suitable for ambitious companies with rapid growth plans, which see the added value of greater recognition and transparency provided by the stock exchange listing, and are ready to share the increase in the company's value with investors," emphasizes Daiga Auziņa-Melalksne, Chairman of the Board of Nasdaq Riga.
”Being a successful Latvian company, Virši is a well-known brand and will attract a wide range of investors. It is an opportunity for a company to join forces with its customers and partners in future cooperation, allowing them to take part in the business and become its shareholders or co-owners. The intention to work with customers to develop a new shareholder benefit programme is also very welcomed,” comments Ivars Bergmanis, Head of Institutional Markets at LHV Pank, who said that Virši will be the first representative of their sub-sector in the Baltic stock listing, besides which they would be entering the Nasdaq Baltic First North market with the largest company turnover.


About JSC Virši
JSC Virši-A is the fastest growing local fuel trader with 26 years’ experience in the Latvian fuel trade industry. Currently, the Virši-A network has 64 power stations, 60 of which provide full-service. Since its foundation in 1995, the company has grown from 12 to 600 employees across all regions of Latvia, becoming one of the most coveted employers in Latvia.


JSC VIRŠI-A fact sheet.
                                                                                                                                                                                                                                                       More information:
Undīne Priekule
"Virši" communication specialist
Phone: +371 26866079
Ligita Brodiņa
“Virši” communication consultant
Phone: +371 29416096