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Eversheds Bitāns advises HansaMatrix to join Nasdaq Baltic Main List: first Latvian company since 2004

  • Latvia


    Eversheds Bitāns has provided full scope legal support advised leading Nordic and Baltic high-tech manufacturing company AS HansaMatrix on its recent private placement and associated equity fund raise and subsequent listing on the Baltic Main List of Nasdaq Riga Stock Exchange. This is the first Nasdaq Main List listing for a Latvian company since 2004.

    HansaMatrix is an innovator and integrated solution high-tech group, representing a leading Nordic and Baltic electronic system development and manufacturing enterprise. It carries a diversified base of customers and products ranging from high-end internet routers for data centres through to the Internet of Things and other industrial applications.

    The share listing of HansaMatrix commenced as of 12 July 2016 and came after the company’s recent private placement of both primary and secondary shares to various investors, including certain Baltic pension funds, held during the month of June 2016. Existing investor “FlyCap Investment Fund I AIF” also participated and it now has a higher post-transaction shareholding percentage in the company. All the shares are listed on the Nasdaq Baltic Main List.

    The sole global co-ordinator and book runner of the transaction was AS LHV Pank, the largest domestic financial group and capital provider in Estonia.

    Eversheds Bitāns Capital markets consultant Mikus Freimanis commented:

    “We are delighted that a new issue of shares has finally joined the Baltic Main List of Nasdaq Riga since 2004. We are proud of Mr. Osmanis and company HansaMatrix which, despite of a challenging process requiring significant commitment on the part of the management, were able to achieve the remarkable result of having listed a Latvian company. We believe that this will set an important precedent for other Latvian businesses looking for growth and attainment of their strategic plans. We hope that other businesses will follow suit and will consider the possibility of raising capital through equity capital markets, as an alternative to the prevailing model of debt financing.“

    HansaMatrix’s CEO Ilmārs Osmanis commented:
    “This is one of those defining moments full of pride and excitement that I will cherish, after having founded this company over 15 years ago. The fact that the company is now listed and has access to public capital markets creates increased visibility and broadens the spectrum of development opportunities available to the business. Our advisers, Eversheds Bitāns and LHV, have accumulated significant expertise in the area of capital markets. Strong teamwork and the choice of competent advisors were instrumental to our ability to attain these results.”

    Click here for more information on the listing.


    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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