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Virši initial public offering will take place from 25 October to 5 November

The Latvian Financial and Capital Market Commission (FCMC) has approved the Latvian capital fuel and alternative energy trader Virši (AS Virši-A and related group companies)
prospectus for an initial public offering (IPO) that will take place from 25 October to 5 November of this year. Retail investors from all of the Baltic states will have an opportunity to subscribe for the shares.

The company will offer up to 1,509,121 shares with an over-allotment option for an additional 226,368 shares (and the total number of shares would then reach up to 1,735,489). The price per one share is 4.49 euros. The minimum investment is one share.


As a result of the IPO, Virši plans to attract new capital of up to 6.9 million euros, directing most of the funding to improving the supply and infrastructure of alternative fuels, promoting the availability of compressed natural gas (CNG), biomethane and electric car charging points in Latvia. It is also planned to pay significant attention to increasing the sustainability and efficiency of the company's operations by developing modern IT and solar energy production solutions.


“Our company is characterised by 26 years of experience in the industry, innovative solutions and ambitious future growth plans, which we also intend to implement thanks to the capital raised on the stock exchange. Virši financial results of recent years demonstrate convincing growth in both the company's profitability and market share growth. Our goal is to continue to implement the company's strategic plan to become a market leader in the next 3 to 5 years. Considering the European Union's climate policy aimed at reducing harmful emissions, we will pay special attention to further strengthening our position in the segment of alternative and more environmentally friendly fuels. An IPO is an opportunity for everyone to become part of the success story of Virši and continue to grow together. In addition, we have introduced an investor loyalty programme with special offers for the purchase of fuel and other products in the Virši service station network. It is planned that by purchasing at least 100 shares, the investor will receive a 7 cent discount on each litre of fuel, a 30% discount on snacks and coffee, as well as car care products, refillable windshield fluid and car wash services. We plan to regularly update the details of the investor loyalty programme by informing the participants about it,” explains Jānis Vība, Virši Chairman of the Board.


In the first six months of 2021, the company's consolidated net profit increased by 61%, or by almost 1 million euros compared to the same period in 2020, reaching the level of 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 first half of 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, the financial goal of Virši is to reach 9 million of EBITDA in 2021.


Virši IPO process finance consultants are LHV bank and law office Eversheds Sutherland Bitāns. Find out more about the Virši IPO in the prospectus here: 


On 26 October, at 10:00 AM EEST Virši webinar will take place, where the company will talk more about the IPO and answer frequently asked questions about the practical side of it. The webinar will be hosted by Virši Chairman of the Board, Jānis Vība and Member of the Board and Chief Financial Officer, Vita Čirjevska.


For participation in the webinar please register in advance here


Participants are invited to submit all their questions by 25 October, 16:00 EEST to the e-mail: 


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” to undertake an Initial Public Offering (IPO). Any investment decision shall be made subject to the prospectus approved by the Financial and Capital Market Commission of Latvia.


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


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 more than 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 project manager
Phone: + 371 26866079


Ieva Lapiņa-Ennīte
Virši communication consultant
Phone: +371 29375689