Eleving Group on Läti päritolu tarbijakrediidi pakkumisele keskendunud ettevõte, mis on laienenud Euroopasse, Aafrikasse ja mujale maailma*. Ettevõtte peamiseks teenuseks on laenutooted autode omandamiseks.
With the IPO, Eleving Group aims to offer investors an opportunity to invest in one of the fastest growing, Baltic-headquartered, and Luxembourg-domiciled fintech companies operating in vehicle and consumer financing segments across 16 markets and 3 continents.
The planned IPO is expected to primarily consist of the issuance of new shares by Eleving Group and a potential sale of existing shares as an upsize option.
Eleving Group plans to use the net proceeds of the IPO to develop the business of the Group and its consolidated subsidiaries by launching new products, opening new markets, and continuing portfolio development in its existing markets. In the short term, the net proceeds may be allocated to paying down existing debt to lower financing costs and for general corporate purposes.
Details on the IPO
The Offer Shares shall be offered by way of a) a public offer of ordinary shares to retail investors in Latvia, Estonia, Lithuania, and Germany (Retail Offering) and b) a private placement to qualified investors within the meaning of Article 2(e) of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (Prospectus Regulation) in certain selected member states of the European Economic Area and to other selected investors in reliance on certain exemptions available under the laws of respective member states (Institutional Offering).
The exact structure and timing of the IPO are subject to, among other things, prevailing market conditions and the timing of receiving necessary approvals from the Commission de Surveillance du Secteur Financier (CSSF), obtaining relevant corporate approvals, and concluding necessary agreements.
Eleving Group has appointed a wide group of local and international well-reputable banks and bookrunners, such as AS LHV Pank as the Lead Arranger and Bookrunner in connection with the IPO, while Auerbach Grayson & CO LLC, Signet Bank AS and M.M. Warburg & CO (AG & Co.) KGaA have been appointed as joint book-runners for the IPO. Bankhaus Scheich Wertpapierspezialist AG, UAB FMI Orion Securities, and Redgate Capital AS have been appointed as Sales Agents. Aalto Capital (Munich) acts as a Financial Advisor to Eleving Group and its shareholders.
CEO of Eleving Group Modestas Sudnius:
"Eleving Group has established itself as a successful company and a trusted partner for over a decade in the capital markets by issuing around EUR 400 million in bonds and in 12 years of business by serving more than 1.3 million clients worldwide. During this time, we have become one of the leading and most competitive exporters of fintech services with Baltic origins. It is now time to give the broader public the opportunity to be part of our growth through the IPO. We are confident that with IPO proceeds, the company will be able to establish its goals and continue successfully growing its global expansion. Investors will invest in a well-governed, highly profitable, and expanding business that aims to pay semi-annual dividends with a targeted payout ratio of over 50%."
CFO of Eleving Group Māris Kreics:
"The IPO route is a long considered and deliberated decision for our company that fits perfectly into our strategy of diversifying the Group's capital structure. With this IPO, we are not only giving investors from the Baltics and Germany the opportunity to be part of an ambitious and globally oriented business, contributing to the growth and dynamics of the overall Baltic capital market but also gaining the resources to facilitate further growth of the company. We intend to use the funds raised to scale up the Group's business in existing and future markets. Furthermore, we intend to develop and offer new products in the foreseeable future, primarily testing their efficiency in the Group's existing geographies. And finally, a proportion of the funds raised will be used for short-term liquidity management purposes and for partial repayment of the Group’s liabilities."
Company profile
Eleving Group has driven innovation in financial technology around the world since its foundation in Latvia in 2012. As of today, the group operates in 16 markets and 3 continents, encouraging financial inclusion and upward social mobility in underserved communities around the globe. Eleving Group has developed a multi-brand portfolio for its vehicle and consumer finance business lines, with around 2/3 of the portfolio comprising secured vehicle loans and mobility products, with Mogo as the leading brand, and around 1/3 of the portfolio including unsecured consumer finance products, with Kredo and Tigo as the segment’s flagship brands. Currently, 55% of the group's portfolio is located in Europe, 32% in Africa, and 13% in the rest of the world.
The Group's historical customer base exceeds 1.3 million customers worldwide, while the total volume of loans issued goes beyond EUR 1.8 billion. With headquarters in Latvia, Lithuania, and Estonia and a governance structure in Luxembourg, the Group ensures efficient and transparent business management, powered at the operational level by around 2800 employees. For two consecutive years, the Group was listed among Europe’s 1000 fastest-growing companies published by the Financial Times in 2020 and 2021.
Key growth information of Eleving Group
Eleving Group closed six months of 2024 with a record half-year profitability, reaching a net profit of EUR 15.4 mln (+26% to 6M23), increasing revenues to EUR 102.0 mln (+21% to 6M23) and adjusted EBITDA to EUR 43.6 mln (+28% to 6M23), while the net portfolio landed at EUR 342.5 mln (+21% to 6M23).
Dividend policy
The Group aims to provide shareholders with semi-annual dividends. For dividends to be paid to investors with a 50% payout ratio, the equity ratio (post dividends) must be above 20%. A 40% payout ratio would apply if the equity ratio after dividends is in the 15-20% range. If the post-dividend equity ratio is below 15%, the target dividend payout ratio would be 30%. In exceptional cases, if the equity ratio after dividends is above 25%, a reasonably higher dividend payout ratio may be decided. More details: https://www.eleving.com/dividend-policy-2024
* Kokkuvõte on kirjutatud avalike andmete põhjal ja on mõeldud informatiivseks eesmärgiks ja ei ole investeerimis-soovitus. Informatsiooni lõpliku õigsuse eest vastutab ettevõtte ja täielik ülevaade ettevõttest selgub ettevõtte kodulehel, börsi süsteemi kaudu avaldatud majandusaruannetes ja tulevikus avaldatavast IPO prospektist. Investeerimisnõu saamiseks pöörduge finantsnõustajate poole. Ettevõtte aktsiate ja/või võlakirjade soetamine kätkeb finantsriske, muuhulgas kapitali kaotamise riske. Täielik riskide loetelu ja ülevaade on leitav olemasolevatest aruannetest või tulevikus avaldatavast IPO prospektist. Disclaimer kehtib siinkohal ja ka foorumis edaspidi.
"krohts" Nagu siin spekuleerisin, võib Elevingi üks plaanidest olla Planet42-e Aafrika operatsioonide ülevõtmine. Need kaks asja tunduvad kuidagi koos käivat.
Võibolla on see lihtsalt vastutulek ja uue võimaluse andmine investoritele kes Planet 42-e rongist maha jäid :-)
Samad aktsionärid nagu Delfinil , väikeste erinevustega. Ühekorra ma sinna ämbrisse astusin, nüüd on mul 4% tootlusega võlakiri. Võibolla seekord on kõik teisiti aga võib olla ka mitte. Mis see elevingi ipo aktsia ROE saab olema? Keegi vaadanud on>?
"TNT" Samad aktsionärid nagu Delfinil , väikeste erinevustega. Ühekorra ma sinna ämbrisse astusin, nüüd on mul 4% tootlusega võlakiri.
Elevingi 4% tootlusega võlakiri? Kas saaksid natukene kogukonda harida: mismoodi see käis? Kas algul oli kõrgema intressiga võlakiri ja siis restruktureeriti - või ostsid turult võlakirja hinnaga üle nominaali ja siis lihtsalt tootlus madalam?
Aa, ok. Delfini aktsiagraafik meenutab jah kukkuvat nuga. Näikse, et Kesenfelds / nende perekonnaga seotud ettevõtted (Alppes Capital, Curiosity Capital) on pärast kevadist IPOt veel kõvasti Delfinit müünud, ehkki 20 mai aktsiate avaliku pakkumise teates lubati, et ei müü: "In addition, the sellers and their affiliated persons have signed a lock up agreement and have legally committed not to sell any more shares than the offer shares up until the end of February 2026." SIA ALPPES Capital (Kesenfelds) siis ka Elevingi suuromanik.
Mis te pillite selle Delfini pärast? Sellel aktsial ei ole tänasel hinnatasemel ja suhtarvudel mitte midagi viga, pigem hästi. Apsoluutselt kõik näitajad ja suhtarvud on viimaste aastatega paranenud ja oluliselt. Kui keegi tunneb, et on petta saanud, siis peaks peegli ette minema ja seal kahekõne pidama, miks aaastaid tagasi IPO-st üldse nii valede näitajatega sai ostetud. Jälgiks äkki tänaseid hindasid ja suhtarve, mitte enda rumalt ajalugu.
Kas tõesti kuskil on Delfiniga mingi saladus? See saladus on ainult eesti meedia jaoks. Kesenfeldsi partner on miljardär Oleg Boiko https://thegeopost.com/en/news/the-king-of-quick-loans/ .Omaaegne Venemaa suurim kasiinoärimees visati Monacos aknast alla ( aa, tuletab midagi meelde...), mistõttu nüüd tuleb mehel ratastoolis llikuda. Mees omas ka Eestis kasiinot - Citycasino, nüüd väidetavalt on omanikud teised. Kuna Putinile kasiinoäri millegi pärast meeldinud, väidetavalt sellepärast, et ta Mirilashvili kasiinodes Peterburis midagi kaotas ( see eest on Putinil lausa erakasiino tema Valdai residentsis), siis Boiko jäi oma kasiinoimpeeriumist ilma. Boiko suundus aga, ilmselt Putini käsul kiirlaenuärisse. Sinna saadeti ka Putini selleks ajaks lahutatud naine Ljudmilla Putina. Boiko ajas oma tankistidega Eestis intensiivset laenuäri, ja loomulikult paiskas oma haarmed mitte ainult Läti, vaid ka Skandinaaviasse, Soomes ja kuhu teab veel. Selline taust. Ja teie siin pillite..."ise olete süüdi, et IPO ajal ostsite" , nagu eelnevalt kirjutati, ja et Planet42 on ka kõik korras...
Thank you for the interest towards Eleving’s offer. As the Head of Investor relations in Eleving Group let me give you some additional insight regarding this: 1) Eleving is already a well-known issuer to local and international markets via bonds, having attracted more than EUR150m+ from institutional and private investors. The IPO is accessible for wide range of institutional investors and also retail in the Baltics and Germany. Uniquely, listing is expected to take place in Riga and Frankfurt. 2) Eleving Group has been profitable for last 8 years and over last 7 years, company has been growing on average 26% per year and plans to almost double its business in next 3 years. For company’s 3 years projections please refer to https://www.eleving.com/growth-projections-2024-2026 3) Company has demonstrated very strong financial figures over the years, last year finished with 189 mln EUR revenue and and 24,5 mln EUR net profit, and for the first 6 months of 2024 have recorded 102 mln EUR revenue and 15,4 mln EUR net profit. With such performance company is expecting to offer investors up to 10% dividend yield already during first year post IPO. 4) After the IPO, the company aims to provide shareholders with semi-annual dividends with a target payout ratio of 50% of the net profit. 5) Most importantly company is very international – it operates in 16 countries around the world, has more than 2800 employees from 20 different nationalities, and very international and experienced top management and supervisory board teams. More than 80% of company’s business is generated outside Baltics.
As for comparisons with Delfin group, above should show that companies have very little in common. Also, worth mentioning that the only overlapping UBO is Aigars Kesenfelds, who does not have majority stake in Eleving group. Finally, all majority shareholders will have a strict 2 year lock up period.
In case of any questions or concerns I will be here to provide more information from company side. You are all also welcome to Äripäev event on October 1 or on our Nasdaq webinars to hear more.
"Marbella112" Kas tõesti kuskil on Delfiniga mingi saladus? See saladus on ainult eesti meedia jaoks. Kesenfeldsi partner on miljardär Oleg Boiko https://thegeopost.com/en/news/the-king-of-quick-loans/ .Omaaegne Venemaa suurim kasiinoärimees visati Monacos aknast alla ( aa, tuletab midagi meelde...), mistõttu nüüd tuleb mehel ratastoolis llikuda. Mees omas ka Eestis kasiinot - Citycasino, nüüd väidetavalt on omanikud teised. Kuna Putinile kasiinoäri millegi pärast meeldinud, väidetavalt sellepärast, et ta Mirilashvili kasiinodes Peterburis midagi kaotas ( see eest on Putinil lausa erakasiino tema Valdai residentsis), siis Boiko jäi oma kasiinoimpeeriumist ilma. Boiko suundus aga, ilmselt Putini käsul kiirlaenuärisse. Sinna saadeti ka Putini selleks ajaks lahutatud naine Ljudmilla Putina. Boiko ajas oma tankistidega Eestis intensiivset laenuäri, ja loomulikult paiskas oma haarmed mitte ainult Läti, vaid ka Skandinaaviasse, Soomes ja kuhu teab veel. Selline taust. Ja teie siin pillite..."ise olete süüdi, et IPO ajal ostsite" , nagu eelnevalt kirjutati, ja et Planet42 on ka kõik korras...
For clarification to other readers regarding all the claims in this anonymous post: Aigars Kesenfelds is not business partner of the people mentioned in here and Eleving Group has no connection to the topics mentioned in this post.
For clarification to other readers regarding all the claims in this anonymous post: Aigars Kesenfelds is not business partner of the people mentioned in here and Eleving Group has no connection to the topics mentioned in this post.
Edgars Rauza, how can you be so sure in your claim? According to crunchbase, Aigars Kesenfelds is founder of 4Finance and according to Wikipedia, Oleg Boyko in 2011 invested into Latvia based 4Finance. So, they are business associates - aren't they?
