Welcome to the Virši Investor site!

This is an exciting time of change. We are continuing to implement a rapid growth strategy and are planning to become listed on the stock exchange!

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INITIAL PUBLIC OFFERING OF SHARES

Swift development, strong business results and customer trust have allowed us as a company with local Latvian capital to become one of the leading players in the market. We are looking to have our shares admitting to trading in the second half of the year. Hence raising capital to boost future growth through an Initial Public Offering (IPO) is part of our new growth strategy. Here you will find the most important information about our planned journey to the stock exchange, as well as other insights for our prospective shareholders. Sign up for our newsletter and be the first to read more.

About us

ORIGIN

We are the largest and fastest growing local network of service stations with 26 years of experience in the industry. We are a 100% local capital company with strong roots in Latvia, founded in 1995 in the town of Aizkraukle. First we developed our business in the Vidzeme region, then we came to Riga and today we operate throughout all of Latvia. Our Latvian roots, the desire to achieve and courage to take reasonable risks are defining factors of the Virši team. We believe in our own strength and fulfilling our accomplishments through good old fashioned hard work.

RAPID GROWTH

Over the last 10 years, we have doubled the network of fuel service stations, or as we like to call them, power stations, and currently the Virši network consists of 64 locations. In 26 years, we have grown from 12 to almost 600 employees who work in all parts of Latvia, becoming one of the most coveted employers.

OUR OUTLOOK FOR THE FUTURE

The world faces unprecedented challenges, at the same time, there are exciting developments and opportunities on the road (literally!) to cleaner energy sources. We are already working towards many of them, starting with compressed natural gas filling stations and electric car charging points. We continue to work on expanding our range of cleaner energy sources in the near future with products such as biomethane, liquefied natural gas and hydrogen.

PRODUCTS AND SERVICES

We believe that everyone on the road is in need of quality energy, not just the vehicle. Only at Virši you can recharge your energy with locally roasted coffee and an excellent delicious meal. We like to be first. Do you remember the first dispensable windshield liquid, the first cup of freshly roasted coffee on the go, the first vegan burger and the first CNG station in Latvia? If it’s the first ever, then it’s by Virši!

FINANCIAL INDICATORS

Despite the challenges brought by the pandemic in a number of industries, including the transport sector, we have continued to increase the company's financial return over the past year and strengthen our competitiveness and position in the market. Dynamic growth, successful business and financial results, and an ambitious development strategy inspire us to achieve even more.

The future and challenges of the industry

OBJECTIVES

Cleaner energy sources and less harmful emissions are the biggest challenge where we see our potential in the coming decades. In the transport sector an important role in achieving the climate goals will be placed on various alternative energy sources: electricity, CNG, biomethane, liquid biofuels, LNG and hydrogen. Each will have a significant role to play in different transport segments. In order to achieve our goals, we are already taking action today! In 2019, we opened the first CNG station in Latvia, currently we operate six such stations and in the near future we will expand the CNG network to 10 locations.

PASSENGER VEHICLES

In the passenger vehicle segment there are currently two environmentally friendly solutions available – electricity and compressed natural gas or CNG. In the near future seven electric charging points and 10 CNG filling stations will be available in the Virši network. In the long run, electricity will play an important role in the passenger vehicle segment, so the "green" electricity, which is produced in an environmentally friendly way as well as other types of renewable fuels will become increasingly relevant.

BUSES

CNG or compressed natural gas, biomethane, hydrogen and electricity are already very actively used in the passenger transportation industry. For example, in Scandinavian countries, Germany, Estonia, and other European regions. We are still at the beginning of making the switch in Latvia, however, there are bus fleets that have started the transition to the alternative energy sources, or plan to do so in the near future. Due to the heavy mass of buses, electricity will be a partial solution for urban transport, while hydrogen and gaseous fuels, such as CNG, CBG, LNG and LBG will play an important role in the intercity routes.

FREIGHT TRANSPORT

The freight or commercial transport sector is a challenge as it accounts for the largest share of fuel consumption in the sector. Due to the large mass of vehicles, electricity in this sector will not be a rational solution for a very long time. Freight transport is expected to experience a slower decline in conventional fuels, but an increase in demand for LNG and CBG, as well as hydrogen. Currently, by developing a CNG filling network, we are also expanding the availability of these energy sources in the future.

SUSTAINABILITY

In order to provide comprehensive information on our policies and initiatives, we invite you to read our forthcoming first ESG report or overview of Environmental, Social and Governance issues.

Frequently asked questions

About IPO

Why does Virši plan to undertake an Initial Public Offering (IPO)?

In recent years we have shown steady growth and defined an ambitious strategy to continue developing in the future. The issuance of shares via the initial public offering will help us raise the necessary capital to finance the new growth strategy and accelerate its implementation.

Why now?

Thanks to our customers and employees, our financial indicators have been growing steadily since 2016. We foresee that the demand for our new products and services will grow appreciably in the future. We are in a good position to respond to market demand and continue to develop faster.

When will the IPO start?

Our plan is to initiate the offering in the second half of the year once the prospectus has been officially registered with the Latvian FCMC (Financial and Capital Market Commission). We invite you to sign up to receive investor news for the latest information.

On which stock exchange is it planned to admit Virši shares to trading?

We plan to list Virši shares on the Nasdaq Riga alternative market First North.

Who will be able to apply for the shares?

Any resident of the Baltic States will be able to apply for the shares, including our customers and cooperation partners, who have helped to create Virši into the company we are today. We want to give everyone the opportunity to get involved in our business, become a part of Virši – a shareholder – and continue to move forward together!

Contacts

For communication regarding IPO in Latvia

Undīne Priekule

Phone: +371 26866079

Email: undine.priekule@virsi.lv 

 

For communication regarding IPO in Estonia

Catry Kiipus

Phone: +372 6842214

Email: catry.kiipus@lhv.ee

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