Nasdaq Welcomes FERN Group to the Nasdaq Baltic First North Market

Vilnius/Riga/Tallinn, Nasdaq Baltic Market, November 14, 2024 - Nasdaq (NDAQ)
announces that bonds issued by engineering solutions group FERN Group, managed
by INVL Baltic Sea Growth Fund have been admitted to trading on the Nasdaq
Baltic First North market by Nasdaq Vilnius as of today, November 14. 

FERN Group has successfully raised EUR 8 million through a public bond offering
for investors in Lithuania, Latvia, and Estonia. Each bond has a nominal value
of EUR 1,000 and offers an annual coupon rate of 9%, with quarterly payments,
maturing in two years. 

The bonds issued by FERN Group attracted 406 investors, who subscribed to EUR
9.5 million worth of bonds. The offering was oversubscribed, with most
investors - 74% coming from Lithuania, while 26% were from Latvia and Estonia. 

Šiauliu Bankas was the organizer of the public bond issue, while the law firm
COBALT acted as legal advisor and is also the certified adviser for the company
on the First North market. The audit firm Audifina is the bondholders' trustee. 

"We are delighted to welcome the Lithuanian company FERN Group to the Nasdaq
Baltic First North Market. The successful bond issue and oversubscription
reflects the strong confidence investors have in FERN Group's vision and
strategic direction. We wish the new issuer further success in the capital
markets and look forward to working together with them in the future," said
Gediminas Varnas, President of Nasdaq Vilnius. 

"For the first time, our company is entering the stock exchange. This move will
enhance transparency for our investors and offer them the opportunity to
actively engage in the stock market," stated Vilija Zapalskiene, CEO of FERN
Group and its subsidiaries. 

The FERN Group, a leading engineering solutions group in Lithuania, includes
the companies FERN EPC, FERN Production and Montuotojas, which perform general
contracting, manufacturing and assembly activities. The group has 65 years of
experience in the market and each year completes more than 250 projects
involving industrial, energy, logistics, oil, wood processing, chemical, paper,
food, and agricultural facilities. In 2023, the group had consolidated revenue
of approximately EUR 30 million. 

The INVL Baltic Sea Growth Fund is the leading private equity fund in the
Baltics. Its anchor investor is the European Investment Fund (EIF). With a size
of EUR 165 million, the INVL Baltic Sea Growth Fund focused on investments in
the Baltic countries and neighboring regions such as Poland, the Nordics, and
Central Europe. The fund has already invested in a diversified portfolio of
nine companies that includes companies operating in the food processing,
healthcare, medical rehabilitation, civil engineering, plastic recycling,
environmental management, and veterinary services sectors, as well as in the
manufacturing of cosmetics and hygiene products. The fund is managed by INVL
Asset Management, the leading alternative asset manager in the Baltics and part
of the Invalda INVL group, which has been in the investment management business
for more than 30 years. 

Nasdaq First North Market is tailored to support smaller, growing companies
that want to raise capital and get the visibility and credibility of being a
public company. For investors, First North offers an opportunity to invest in
companies that are at an earlier stage of their growth. 

Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq
Riga, Nasdaq Vilnius securities exchanges as well as Nasdaq CSD. Read more:
nasdaqbaltic.com 

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital
markets and other industries. Our diverse offering of data, analytics, software
and services enables clients to optimize and execute their business vision with
confidence. To learn more about the company, technology solutions, and career
opportunities, visit us on LinkedIn, on X @Nasdaq or at Nasdaq.com 



Media contacts:

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