Invego Group OÜ, the parent company of Invego, a real estate development group operating in Estonia, Latvia and Portugal, is launching today a public offering of bonds with an interest rate of 9.5%. The subscription period for the offering, which is aimed at retail and professional investors in Estonia, Latvia and Lithuania, will close on 20 March 2026, after which the bonds are planned to be listed on the Nasdaq Baltic First North bond list.
“The issuance of the Group’s bonds supports the stable growth of our entire extensive international development portfolio. In the first two months of this year, we have launched the construction of the Verve residential development in Estonia and the Tornakalna Terases residential quarter in Latvia. In total, we currently have 12 residential developments under active development and public sale across three countries,” comments Invego Group’s Founder and CEO Kristjan-Thor Vähi, promising that two more large-scale developments are expected to be unveiled this year. Last year, Invego sold 183 new homes worth a total value of EUR 48 million. In addition to its success in the residential real estate sector, Invego has completed Tallinn’s most modern business quarter, Krulli Park, as well as a new commercial building in the Telliskivi district over the past year.
The offering volume is EUR 4 million, with the option to increase the amount up to EUR 8 million in case of oversubscription. During the four-year period of the bonds (2026–2030), Invego Group’s development portfolio will include a total of 21 projects, comprising approximately 2,400 planned homes. The estimated total sales revenue of the projects amounts to EUR 600,000,000 including VAT. The portfolio is geographically diversified and consists of projects at different stages of development, ensuring visible sales volumes throughout the bond period and enabling capital to be allocated gradually and efficiently in line with construction schedules and market conditions.
This is the first time Invego is offering bonds at the group level. The bond issue carried out last year by Invego Latvia OÜ, a company within the group, attracted strong investor interest, with 2,038 investors subscribing to nearly four times the offered amount.
Harmonisation and consolidation of the group’s financial reporting
In 2024, Invego Group transitioned to International Financial Reporting Standards (IFRS) and prepared its first consolidated annual report in accordance with capital market practices and the expectations of stock exchanges and professional investors. As part of this process, the group’s companies were brought together into a single consolidation group and uniform accounting principles were implemented throughout the group.
As of 31 December 2025, the group’s total assets amounted to EUR 184 million and equity to EUR 49 million. Invego Group manages more than 60 companies, of which 55 were included in the consolidation group as at the end of 2025.
“Investors appreciate transparent reporting and consolidated financial statements prepared in accordance with IFRS, which provide a clear overview of the financial position of the entire group. It is positive to see that Invego has brought its reporting to group level and is committed to complying with the financial covenants set out in the bond terms in accordance with market standards, including maintaining minimum liquid funds in the amount of at least one subsequent interest payment and ensuring that the adjusted equity ratio is at least 20% at all times,” said Silver Kalmus, LHV’s Dept Securities Area Manager.
Key terms and conditions of the offering
- Offer volume: up to 4,000 bonds, with the right to increase the volume to up to 8,000 bonds in the event of oversubscription (nominal value of EUR 1,000 per bond).
- Maturity: 4 years
- Interest rate: 9.5% per annum, fixed; interest payments quarterly (26 March, 26 June, 26 September, 26 December), first interest payment on 26 June 2026
- Offer period: 5 March 2026 at 10:00 a.m. to 20 March 2026 at 3:30 p.m.
- Announcement of offer results: 23 March 2026
- Expected settlement of bonds: 26 March 2026 (or a date close to it)
- First expected trading day on Nasdaq Baltic First North: 30 March 2026 (or a date close to it)
The arranger of the Invego Group OÜ bond issue is AS LHV Pank and the legal advisor is TEGOS Law Firm.
More detailed information about the offering is available at: https://invego.ee/en/investor/bond-issue2026/
Additional information:
Invego
Kristjan-Thor Vähi – e-mail:
Kadri Lindpere – tel: +372 505 1239, e-mail:
LHV Bank
Silver Kalmus – tel: +372 562 06450, e-mail:
Important information
This notice is an advertisement for securities within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 and does not constitute an offer of bonds or a solicitation to subscribe for bonds. Investors should make their investment decisions solely on the basis of the information contained in the information document, its summary and the bond terms and conditions, and should consult a professional advisor if necessary. The bonds of Invego Group OÜ are publicly offered only in Estonia, Latvia and Lithuania, and the sale or offering of the bonds will not take place in any jurisdiction where such offering, invitation or sale would be unlawful without an exemption or qualification under applicable law.