AS APF Holdings IPO

About company

Since 2017, the Group has undergone significant development, investing over EUR 15m in three investment stages. The Group’s 3 egg farms located in Alūksne, North-East of Latvia – 2 for barn-laid and 1 for cage-laid egg production.

No. 2 hen egg producer in Latvia and No. 3 in the Baltics with history dating back to 1961.

APF product portfolio includes enriched cage-laid, barn-laid, and free-range eggs, with predominant focus on barn-laid eggs. This aligns well with the industry trends towards cage-free egg production.

APF is administered by a seasoned management board, led by the majority shareholder Jurijs Adamovičs, who brings over 20 years of experience in banking, M&A and business development.

APF plans to raise up to EUR 7m to finance its fourth investment phase: construct 2 additional hen houses for barn-laid eggs, its own pullet rearing house, introduce liquid production line and expand the sorting and warehouse facilities.

Additional information:

Key share data (post-IPO)1

1 Assuming fully subscribed IPO; Signet Bank estimates

Share price

EUR 5.11

Market capitalization

EUR 39.0m

Net debt

EUR -0.4m

Enterprise Value

EUR 38.6m


Nasdaq Riga First North



Number of shares


Additional information

AS APF Holdings IPO