Latvian Shipping Company to push first IPO in Riga in over a decade

By bne IntelliNews December 17, 2015

Marine petroleum transportation specialist Latvian Shipping Company (LSC) hopes to raise €80mn via an initial public offering (IPO) on the Riga Stock Exchange in the first half of 2016, the company announced on December 17.

Should it go through, the listing would be the first on the Latvian bourse in over a decade. SAF Tehnika, a communications technology company, carried out an IPO in 2004. A successful float could offer a boost for the Latvian capital market, with local companies typically opting for bank financing rather than trying to tap capital markets.

Citadele Bank was the last to try an offer in Riga. However, its IPO was pulled in November, with the bank citing “ongoing unfavourable market conditions”.

LSC is looking to double its share capital and raise equity of €80mn in order to pay down existing debts due in 2016 and 2017. The IPO is subject to approval by a shareholders meeting planned for April 2016.

Meanwhile, the company’s ownership has undergone some changes recently, following oil trade Vitol Group’s recent controversial acquisition and subsequent delisting of Ventspils Nafta (VN). VN owns a 49% stake in LSC.

LSC ranks among the biggest vessel owners in the segment of medium and handy size tankers, with a “leading position in terms of transported amount of petroleum products among similar companies in Northern Europe,” the company said in a statement.

The company posted a loss of €1.3mn after three quarters of 2015, a substantial reduction on the loss of €13mn in the same period of 2014, according to the company’s financial report.

Related Articles

Russia offers Latvian port a slice of the Nord Stream pie

The Latvian port of Ventspils has been asked to store and handle delivery of pipes for Nord Stream 2, the controversial Russian gas pipeline project, the chairman of the port said on April 20. The ... more

Latvia opens its gas market as it seizes control from Russia

The Latvian gas market opened up to liberalisation on April 3 following entry into force of a number of legal changes. Riga has fought hard to end control of the gas transmission and storage ... more

Poland eyeing second LNG terminal

Gaz-System has selected a contractor to carry out a feasibility study on the construction of a second Polish LNG terminal, the state-owned gas grid operator said on March 27. Poland has recently ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss