Founded a decade ago by young entrepreneur Lotte Tisenkopfe-Iltner, Madara has become hugely popular thanks to its range of organic cosmetics, clever marketing and attractive, understated design.
Only last year, Madara opened a new production facility, as can be seen in the video below, with Latvian President Raimonds Vejonis in attendance.
A statement published on the company's website April 27 said: "MÁDARA is now looking to raise additional funding and commenced the legal procedure to become a Nasdaq-listed company in Riga, Latvia. The money raised would be primarily used to target specific international expansion possibilities. The main focus is on expansion via e-commerce and includes both existing as well as new countries."
Being a listed company would also provide us with more visibility and better reputation due to the responsibilities that a listed company brings.
Investors would also be entitled to a special shareholder benefits program giving special offers available only to shareholders.
Full details of the share offer remain to be worked out, with Estonia's LHV bank providing advice prior to listing on the Nasdaq OMX Baltic bourses.
"We have created a strong business foundation by combining 3 operational activities in-house from the very beginning: developing our own product formulas, having our own in-house marketing agency and also carefully managing quality control by undertaking manufacturing of the products in-house using the latest technologies," the company said.