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Fuel company Virši plans IPO later this year

Virši (AS Virši-A), a fuel and energy trader in Latvia, announced plans April 28 to raise capital via an initial public offering (IPO) and listing its shares on the Nasdaq Baltic First North market in the second half of 2021.

"The issuance of shares and admission to trading on the Nasdaq Baltic alternative market First North is part of the Virši expansion strategy for the coming years, with the aim to attract investments to further increase the company's growth," a company press release said.

"The primary focus will be on retail investors in Latvia, Estonia and Lithuania who would like to become shareholders of the company and thus be a part of the company’s future development. In order to inform prospective investors about the company's news while preparing for its debut on the stock exchange, Virši has opened a special section for prospective investors on its website virsi.lv/for-investors," it said.

Virši gas stations are a common sight on Latvia's roads and in 2020 it reached turnover of EUR 171.4 million. and profits of EUR 5.1 million.

"Despite the challenges of 2020 in many sectors, including transport we have continued to increase the company's profitability over the past year, strengthening our competitiveness and market share,” said Jānis Vība, Chairman of the Board and Managing Director of Virši.

"In the coming years, we will continue to expand the range of cleaner energy in the transport sector with products such as biomethane, liquefied natural gas and hydrogen, in order to become a convincing industry leader in the offer of alternative energy in Latvia. We also plan to expand our operations in the energy sector by offering electricity and natural gas products and services to the Latvian business to business segment and households,” Vība said.

 

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