Investor interest across the Baltics in the public offering of bonds by real estate developer Invego Group was very strong: the offering with a base volume of EUR 4 million was oversubscribed nearly 5 times. Due to high demand, Invego Group decided to increase the size of the issuance to EUR 8 million.
A total of 1,934 investors from all three Baltic countries participated in the public offering of Invego Group OÜ bonds, subscribing for bonds in the total amount of EUR 19.85 million, representing an oversubscription of 5 times the base amount. This makes Invego Group’s bond offering the most oversubscribed among real estate sector issuers on the Nasdaq Tallinn markets. The average subscription amount per investor was EUR 10,260. Estonian investors subscribed for bonds worth EUR 12 million (i.e. 61% of the total), Latvian investors EUR 5.4 million (27%), and Lithuanian investors EUR 2.4 million (12%).
According to Invego CEO Kristjan-Thor Vähi, the results of the offering confirm that investors across the Baltic states hold Invego in high regard. “Above all, such strong interest shows that investors in our home markets of Estonia and Latvia, know and trust Invego and our further growth plans. It is also encouraging that this time we saw significant interest in Invego Group bonds from Lithuanian investors,” Vähi commented, confirming that with the help of the raised capital, Invego’s growth will continue across all operating markets as planned.
According to Silver Kalmus, Debt Securities Area Manager at LHV, the success of Invego’s offering demonstrates the continued strong interest of Baltic investors in high-quality investment opportunities. “The subscription results of Invego Group’s bond issue are impressive and confirm that investors value the company’s vision, quality, and strong position in the local real estate market. Broad participation in all three Baltic countries also reflects local investors’ confidence in the region’s real estate sector and economic environment,” Kalmus said.
Due to strong demand, Invego Group decided to increase the size of the offering to 8,000 bonds, i.e. EUR 8 million. In the allocation of bonds, it was decided to give preference to Invego clients, employees, and existing investors, who will receive 100% of the bonds they subscribed to. It was also decided to give preference to investors who trusted Invego last year and invested in bonds issued by Invego Latvia OÜ, who will receive 50% of the bonds they subscribed to, as well as investors who subscribed for more than 100 bonds, who will receive 40% of their subscribed bonds. The remaining investors were allocated at least 20% of the subscribed amount, ensuring that each investor receives at least 1 bond.
The settlement of the bonds is intended for March 26, 2026 and the first trading day on the alternative market First North, operated by Nasdaq Tallinn, is planned for March 30, 2026 or a date close to it.
Offer summary
The public offering of bonds by Invego Group OÜ took place from March 5 to March 20, 2026. As part of the offering, Invego Group OÜ is issuing 8,000 bonds with a nominal value of EUR 1,000 each. The bonds have a maturity of 4 years, an annual interest rate of 9.5%, and interest is paid quarterly.
Summary of subscription results:
- Total subscribed: 19,854 bonds (EUR 19.85 million)
- Base volume of the issue: 4,000 bonds (EUR 4 million)
- Oversubscription compared to base volume: 5 times
- Final issue volume: 8,000 bonds (EUR 8 million)
- Number of investors: 1,934 unique subscribers
- Average subscription amount: EUR 10,260 per investor
The arranger of the Invego Group OÜ bond issue is AS LHV Pank and the legal advisor is TEGOS Law Firm, sales agents Signet Bank AS, Evernord FMI UAB.
About Invego
Invego group is a next-generation real estate developer operating in three countries, specialising in the development of large residential districts and commercial quarters with comprehensive concepts that shape the cities of the future. With more than 10 years of operating history, Invego group includes over 60 companies in Estonia, Latvia and Portugal, and currently has 30 development projects underway. The group has developed more than 150,000 m² of residential space, creating a total of 1,500 homes, as well as 50,000 m² of commercial real estate. In addition, more than 500,000 m² of residential and commercial development projects are currently in progress.
In Tallinn and its surrounding areas, Invego has built new homes for more than a thousand families in recent years. Its largest completed developments include Vana-Peetri, Tiskreoja and Tabasalu Kodu, while the Luccaranna, Uus-Järveküla, Keila Pargikodud and Verve residential districts are currently under development.
In the Latvian capital Riga, Invego is developing residential projects Nordale, Tornakalna Terases and Vitolu Parks, and together with development partner Reterra the residential districts Parka Kvartals, Skanstes Rezidences and Miera Rezidences. Near Riga, Invego is also developing the large residential area Marupes Sirds as well as the townhouse-only residential area Vide Adaži. In southern Portugal, the company is currently developing Silves Hills, a 65-hectare project consisting of 154 villas suitable both for year-round living and seasonal use.
Additional information:
Kristjan-Thor Vähi