Nasdaq Welcomes Eleving Group to the Nasdaq Baltic Main List

Riga/Tallinn/Vilnius, Nasdaq Baltic Market, October 16, 2024 - Nasdaq (NDAQ)
announces that the shares of Eleving Group (ticker: ELEVR) have been listed on
the Nasdaq Baltic Main List by Nasdaq Riga as of today. 

A total of 4,515 investors subscribed to the Eleving Group shares for a total
of 33 million euros, as the base volume of the offer was oversubscribed by 1.2
times. 

The offer attracted 4,466 retail investors, constituting 28% of the overall
allocation of the issued shares. Estonia led the retail demand split by Baltic
states with 52%, followed by Latvia with 36%, and Lithuania with 12% of
subscriptions. The average retail subscription was 1,994 euros. 

"Congratulations to Eleving Group on the successful IPO. It is undoubtedly one
of the most significant events in the Baltic capital markets this year.
Firstly, it is the largest IPO in Latvia's history, and secondly, starting
today, the company's shares are available for trading on the Nasdaq Baltic and
Frankfurt stock exchanges," says Liene Dubava, CEO of Nasdaq Riga. 

"We have reached a significant milestone for the company to further pursue its
growth path. Also, by raising 29 mln EUR, we became the largest IPO ever in
Latvia. The result affirms our time-tested business approach and track record,
which has given investors confidence in Eleving Group's story. We are grateful
to more than 4,500 new shareholders who joined our journey, our syndicate
partners - LHV, Signet, and Warburg - and our advisors for their unwavering
support. A special thanks to Nasdaq Baltic for facilitating our smooth entry
into the equity market," says Modestas Sudnius, the CEO of Eleving Group. 

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. 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. 

Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq
Riga, Nasdaq Vilnius securities exchanges as well as Nasdaq CSD. Read more:
nasdaqbaltic.com 

Nasdaq is a global technology company serving the capital markets and other
industries. Our diverse offering of data, analytics, software and services
enables clients to optimize and execute their business vision with confidence.
To learn more about the company, technology solutions, and career
opportunities, visit us on LinkedIn, on X @Nasdaq or at Nasdaq.com 



Media contacts:

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