Baltic Investors Oversubscribed Invego Group Bonds Nearly 5 Times

Baltic investors' interest in bonds issued by real estate developer Invego Group turned out to be very active: the offering with a base volume of 4 million euros was oversubscribed nearly five times. Due to strong demand, Invego Group decided to increase the emission volume to 8 million euros.

In the public offering of bonds by Invego Group OÜ, a total of 1934 investors from all Baltic countries participated, subscribing for bonds worth a total of 19.85 million euros, which means a 5-fold oversubscription of the base volume. With this, Invego Group has the highest oversubscribed bond emission among real estate sector issuers on Nasdaq Tallinn markets. The average subscription amount per investor was 10,260 euros. Estonian investors subscribed for bonds worth 12 million euros (61% of the total), Latvian investors for 5.4 million euros (27%), and Lithuanian investors for 2.4 million euros (12%).

According to Invego's CEO Kristjan-Thor Vähi, the results of the offering confirm that investors in the Baltic countries value Invego highly. "First and foremost, such significant interest demonstrates that investors in our home markets of Estonia and Latvia know and trust Invego and our development plans. Additionally, it is gratifying that on this occasion there was also considerable interest in Invego Group bonds from Lithuanian investors," commented Vähi, and confirmed that with the capital raised, Invego will continue its growth in all operating markets at the planned rate.

According to Silver Kalmus, head of LHV's bonds department, the success of Invego's offering demonstrates continued strong interest among Baltic investors in quality investment opportunities. "The subscription results of Invego Group's bond emission are impressive and confirm that investors value the company's vision, quality, and strong position in the local real estate market. The broad participation from all three Baltic countries also demonstrates the trust of local investors in the region's real estate sector and business environment," said Kalmus.

Due to strong demand, Invego decided to increase the offering volume to 8000 bonds, or 8 million euros. In the allocation of bonds, it was decided to prioritize Invego customers, employees, and existing investors, who will receive all their subscribed bonds in full at 100%. It was also decided to prioritize investors in bonds previously issued by Invego Latvia OÜ who trusted Invego last year, who will receive their subscribed bonds at 50%, and investors who subscribed for over 100 bonds, who will receive 40% of their subscribed bonds. The remaining investors were allocated at least 20% of their subscribed amount, ensuring that each investor receives at least one bond.

The settlement of bonds is scheduled for March 26, 2026, and the first trading day on the alternative market operated by Nasdaq Tallinn, First North, is planned for March 30, 2026, or a nearby date.

Background information on the offering

The public offering of bonds by Invego Group OÜ took place from March 5-20, 2026. During the offering, Invego Group OÜ is issuing 8000 bonds with a nominal value of 1000 euros. The bonds have a term of 4 years, an interest rate of 9.5% per annum, and interest is paid out quarterly.

Summary of subscription results:

• Total subscribed: 19,854 bonds (19.85 million euros)

• Offering base volume: 4000 bonds (4 million euros)

• Oversubscription compared to base volume: 5 times

• Final offering volume: 8000 bonds (8 million euros)

• Number of investors: 1934 unique subscribers

• Average subscription amount: 10,260 euros per investor

About Invego

The Invego group is a next-generation real estate developer operating in three countries, specializing in the construction of large residential areas and business quarters with comprehensive concepts that create future urban spaces. With more than 10 years of operational history, the Invego group includes over 60 companies in Estonia, Latvia, and Portugal, and currently has 30 different development projects underway. The Invego group has developed over 150,000 m² of residential real estate, totaling 1500 homes and 50,000 m² of commercial real estate. Additionally, there are over 500,000 m² of development capacity underway in both residential and commercial real estate sectors.