AS INDEXO Banka, a fully subsidiary of IPAS INDEXO, has raised €5 million through its public offering of Tier 2 subordinated bonds, which closed on 24 April 2026. The offering attracted more than 800 investors, with total subscriptions reaching €10.8 million.
Investor demand exceeded the initially planned offering size by 3.6 times. Due to the strong demand, INDEXO Bank increased the issuance volume from the originally planned €3 million to €5 million.
Investor interest was broad across all Baltic states. On average, each investor subscribed for subordinated bonds worth €13,034.
Latvian investors subscribed for bonds totalling €3 million, representing 28.7% of total demand. Demand from Estonia reached €7 million (64.6%), while investors from Lithuania subscribed for €0.6 million (5.1%).
“The strong investor demand in INDEXO Bank’s subordinated bond issuance, exceeding the planned volume by 3.6 times, demonstrates solid market confidence in the INDEXO Group’s growth strategy and conviction in our bank’s long-term growth potential. It clearly shows investors’ readiness to support INDEXO’s ambition to build a modern, competitive and sustainable bank in the Baltic financial market – offering an alternative to traditional solutions and fostering competition in the sector,” says Ivita Asare, Chief Financial Officer of INDEXO.
When allocating the subordinated bonds, allocation principles were applied that ensured a minimum allocation of one bond per bondholder, while orders starting from EUR 20,000 were allocated on a pro rata basis, with institutional investors receiving around 62% of the requested amount and all other investors receiving around 52%.
On 27 April 2026, the Management Board of INDEXO Bank approved an updated version of the Final Terms for Series 1 of the new bond programme, which is attached below this announcement and published on the INDEXO website (https://staging.indexo.lv/en/for-investors/).
Bonds will be credited to investors’ securities accounts on 29 April 2026. The first trading day on the Nasdaq Riga regulated market Baltic Bond List is scheduled for 8 May 2026. The first interest payment to bondholders will be made on 29 October 2026.
The arranger of the bond issuance in Latvia was AS Signet Bank; distribution partners were Redgate Capital in Estonia and Orion Securities, UAB FMĮ in Lithuania.
Updated Final Terms: INDEXO_Banka_Updated_Final_Terms.pdf
