"The symbol has been chosen to send a clear message to investors about the company's core business – egg production," said a company statement.
“The new symbol EGG is a departure from the usual stock exchange practice of using the letters of company names in stock symbols, but APF's approach has several precedents on foreign stock exchanges. With our approach, we want to make it clear that our company creates practical value and that by investing in our shares, investors acquire a stake in a strong food company. Perhaps our approach will start a new tradition on the stock market,” said Jurijs Adamovičs, Chairman of the Board of JSC APF Holdings.
APF is a group of companies comprising one of the largest poultry farming and egg producing enterprises in Latvia – JSC Alūksnes putnu ferma – and poultry farming and chicken breeding company JSC Preiļu putni.
A total of 1 027 930 new shares are being offered for IPO investment, with an option to increase their number by an additional 103 000 shares in case of strong demand, bringing the total number of shares on offer to 1 130 930. The IPO investment target is EUR 7 million.
After the IPO, APF intends to significantly expand its scale of operations and increase egg production by 60 percent by 2025 and more than double its revenue, from around EUR 11 million in 2022 to EUR 25 million in 2025. The plan is to build two more laying hen houses in addition to the existing three and to expand the capacity of auxiliary infrastructure which would increase egg output from 115 million per year to 180 million per year and to increase the number of laying hens to 665,000.
