Primus has advised Madara Cosmetics, the Latvian manufacturer of natural and organic cosmetics, on its share offering to investors in Latvia and Estonia, with the subscription period lasting between October 16 and November 3. Following the completion of the offering, Madara intends to list its shares on the Nasdaq First North alternative market in Riga, with trading expected to commence in the first half of November.
According to Primus, "Madara is a well-established brand in Latvia and beyond, operating a brand-new factory in Riga, Latvia, and selling its products to over 25 countries in the European Union and other regions, with a particular focus on Northern Europe where disposable incomes are high and consumer trends favor organic manufacturers. Madara’s sales in 2017 are expected to reach EUR 7.8 million, with 2018 sales projected at EUR 10 million."
Primus reports that it "represented Madara on all aspects of the offering, including due diligence, the drafting and registration of the prospectus, and regulatory matters." The firm's team was led by Partner Zane Eglite-Fogele in Riga and Partner Anton Sigal in Tallinn.