Lithuanian organic food producer Auga Group has completed a successful public offering on the Baltic Main List of Nasdaq Vilnius. As part of the offering, Auga Group sold shares worth a total amount of 36 million euros. The European Bank for Reconstruction and Development (EBRD) invested 9 euros million to acquire an 8.7 per cent stake in the company.
The firm plans to invest the new funds to unlock synergies across its farming activities and diversify its product range by expanding into poultry farms, building modern dairy farms, a combined feedstock production plant and a biogas production plant, as well as moving up into value-added production by increasing its packaged organic products.
Auga Group is one of the largest vertically-integrated organic food companies in Europe. It manages organically certified arable land using a sustainable farming model based on new, leading-edge technologies. The group specialises in crops, dairy cows, chicken and mushroom growing. Employing more than 1,200 people, the company is listed on both the Vilnius and Warsaw stock exchanges.
“We welcome Auga Group to the Baltic Main List and are delighted that the company has managed to complete one of the biggest secondary share offerings in the history of the Baltic capital markets,” said Saulius Malinauskas, president of Nasdaq Vilnius. “We believe that being on the Main List will make the company more visible and bring additional liquidity to investors, and we hope this example will serve as inspiration for other companies to tap Baltic capital markets.”