At the regular shareholders’ meeting on March 24, the shareholders of the pension manager IPAS “Indexo” unanimously supported a large set of decisions necessary to implement the initial public offering of Indexo shares (IPO or Initial Public Offering) scheduled for the end of the second quarter of this year.
At the same time, the company’s shareholders elected a new company council and approved an audit committee.
The new board of Indexo, which is designed to oversee and support the implementation of the IPO and the establishment of a new bank, will include former board members Valdis Vancovičs, Toms Kreicbergs, Renāts Lokomets and Sven Dinsdorfs, as well as Tīna Kukka.
Ms Kukka’s advice will be supplemented by the management expertise of commercial banks – she has been a long-term member of the Board of JSC Swedbank and the Head of the Change Management Office of JSC Luminor Bank.
S. Dinsdorfs, R. Lokomets and Ieva Jāgere, an independent member of the committee, will work in the Indexo Audit Committee.
Indexo’s shareholders supported a substantial set of decisions, including approval of IPO plans, approval of necessary amendments to the company’s Articles of Association and new version of the Articles of Association, approval of the new Supervisory Board, Audit Committee, Dividend Policy, increase of share capital and a number of other decisions required. For the implementation of the IPO.
“Today’s shareholder decisions are an important step that allows us to move to the next stage of preparation for the IPO process, in which the most important tasks will be the coordination of the IPO prospectus with market regulators, as well as we will start addressing active investors. In turn, the new board and audit committee with in-depth knowledge and experience are critical elements of governance that will ensure both the successful achievement of our business objectives and the monitoring of investors’ interests. I would also like to thank Edgar Zālītis and Aleksejs Prokofeja for their significant contribution to the growth of Indexo so far, ”says Valdis Siksnis, Chairman of the Board and one of the founders of Indexo.
“The war in Ukraine may affect the exact timing of the IPO, but we are currently moving forward with the initial plan to implement the IPO by the end of the second quarter,” Siksnis continues.
The purpose of Indexo IPO is to attract investment to establish a bank in addition to the existing pension savings management. Indexo will apply for a commercial banking license later this year and hopes to receive a license by the end of the year, with a view to phasing in banking services soon after.
As previously reported, after the IPO Indexo shares, it is planned to be listed on the Regulated Market on the official Baltic list of the Nasdaq Riga Stock Exchange. Detailed information on the planned share quotation will be reflected in the IPO prospectus, which will be submitted to the Financial and Capital Market Commission (FCMC) for approval in the coming months.
More than 70,000 customers have already entrusted their pension savings to Indexo, bringing the total amount of pensions under management to approximately 480 million euros.
In 2017, Indexo was established by more than 30 well-known entrepreneurs and managers in Latvia with the aim of introducing the latest approaches to asset management in the Latvian pension market. INDEXO’s values are innovation, transparency and openness, as well as strong business performance, which forms the basis for future growth.
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