Baltic investors showed very active interest in real estate developer Invego’s public bond offering: the offering with a base volume of 4 million euros was oversubscribed nearly 4 times. Due to strong demand, Invego decided to increase the issue volume to 8 million euros.
A total of 2,038 investors from all Baltic countries participated in the public offering of bonds by Invego Latvia OÜ, belonging to the Invego group, subscribing for bonds worth 15.8 million euros in total, representing a 3.95-fold oversubscription of the base volume. The average subscription amount was 7,750 euros per investor.
The offering found strong and positive support in all three Baltic countries. Estonian investors subscribed for bonds worth 10.9 million euros (69% of the total amount), Latvian investors for 4.6 million euros (29%), and Lithuanian investors for more than 260,000 euros (2%).
Due to high demand, Invego decided to increase the offering size to 8,000 bonds, totaling 8 million euros. In allocating the bonds, it was decided to give preference to Invego clients, employees, and previous investors, who will receive all their subscribed bonds in full. All other investors were allocated at least 40% of amount subscribed with a minimum allocation of 1 bond per investor.
Bond settlement is planned take place on May 29, and the first trading day on Nasdaq Tallinn Stock Exchange’s alternative market First North is planned for May 30 or a date close to it.
According to Invego CEO Kristjan-Thor Vähi, the offering result exceeded all expectations and demonstrates the extraordinary confidence of Estonian and Latvian investors in Invego’s plans. “The 3.95-fold oversubscription confirms that investors strongly believe in our growth story and see potential in the Latvian market. Particularly encouraging is the very strong participation of Latvian investors, which validates the correctness of our chosen strategy – Latvians see and believe in the development opportunities of their home market’s residential real estate together with us. Increasing the issue size to 8 million euros is a step that allows Invego to better utilize the planned growth opportunities,” said Vähi. “As promised, we gave priority to Invego’s own employees, existing investors, and home buyers in the distribution, because we highly value the trust they have earned. We hope that from today we will have a few thousand more new long-term thumb holders.”
Silver Kalmus, head of bonds division at AS LHV Pank, noted that Invego’s bond offering became one of the most successful issues in the Baltic bond market in recent times. “Invego’s excellent and thorough preparation combined with a strong business model earned the trust of both Estonian and Latvian investors. The result confirms that quality and well-structured bond offerings find strong support among Baltic investors even at a time when there are a record number of offerings in the market simultaneously,” said Kalmus.
Next Steps
Invego plans to direct the raised funds for additional financing of real estate development projects in Latvia. Invego has 12 development projects in progress in Latvia: 6 in the sales phase and 6 in the development phase.
About Invego
Invego group is a new-generation real estate developer operating in three countries, specializing in creating large-scale residential areas and business quarters with an integrated concept that creates future urban space. With more than 10 years of operational history, the Invego group includes over 60 companies in Estonia, Latvia, and Portugal, with 30 different development projects currently in progress. Invego group has developed more than 150,000 m² and has an additional 450,000 m² of residential and commercial real estate in development.
Offering Background
Invego Latvia OÜ public bond offering took place from May 12-22, 2025. During the offering, Invego Latvia OÜ, an Estonian company belonging to the Invego group, issued 8,000 secured bonds with a nominal value of 1,000 euros each. The bonds have a 4-year term, a fixed interest rate of 11% per annum, and interest is paid quarterly. The bonds are secured by a pledge on Invego Latvia SIA shares.
Summary of Subscription Results:
- Total subscribed: 15,795 bonds (15.8 million euros)
- Base issue size: 4,000 bonds (4 million euros)
- Oversubscription: 3.95 times
- Final issue size: 8,000 bonds (8 million euros)
- Number of investors: 2,038 unique subscribers
- Average subscription amount: 7,750 euros per investor