INDEXO Plans €25.4 Million Capital Raise and Further DelfinGroup Buyout

Latvian financial services group INDEXO plans to raise up to €25.4 million through share offerings in the Baltic states and Sweden, while pursuing a further acquisition of DelfinGroup shares.

Under the proposed voluntary takeover bid, INDEXO intends to offer €1.90 per DelfinGroup share in cash. The acquisition of up to 8.16 million shares, worth approximately €15.5 million, would increase its holding from 72.03% to as much as 89.99%.

The proposed price is 23.8% above DelfinGroup’s closing share price on September 10, when INDEXO first announced its intention to make a potential offer.

INDEXO ultimately intends to acquire the remaining shares and delist DelfinGroup from Nasdaq Riga. A subsequent compulsory buyout would require its holding to reach 90%, additional financing and approval from the Bank of Latvia.

The acquisition would be financed through the planned Baltic public offering. Proceeds from the Swedish offering and a private placement would support INDEXO Bank’s development.

INDEXO also intends to list its shares on Nasdaq First North Growth Market in Stockholm. The indicative price for its Baltic and Swedish public offerings is €2.62 per share, with the offerings expected in November–December 2026.

Unlike the arrangements outlined in September and October, INDEXO now plans a cash-only offer for DelfinGroup shares and a direct listing of INDEXO shares in Stockholm rather than Swedish depositary receipts.

Lower earnings forecast

The announcement comes alongside INDEXO’s third-quarter results and a downward revision of its 2026 earnings forecast.

The group now expects a net result attributable to shareholders ranging from a €0.8 million loss to a €0.2 million profit, compared with its previous forecast of €0.5–1 million in profit.

INDEXO attributes the revision to additional expected credit-loss provisions of €0.8–1.3 million as the bank replaces its external credit risk model with an internally developed model.

For the first nine months of 2026, the group reported consolidated net profit of €2.85 million, of which €0.49 million was attributable to INDEXO shareholders. Its loan portfolio reached €285.3 million, an increase of 48% since the beginning of the year.

The takeover bid has not yet been launched. Financing must be secured and the offer prospectus approved by the Bank of Latvia. The planned Stockholm listing is also subject to exchange approval.

Source: Nasdaq acquisition and share offering disclosure · Q3 financial results.