Sorainen is advising AB NEO Finance on its public share offer, as well as on its entrance to the First North alternative securities market in Lithuania.
NEO Finance is a Lithuanian Fintech startup. The company administers the peer-to-peer lending platform Paskolu Klubas and provides the Neopay payment initiation service.
According to Sorainen, this is the first time that a Lithuanian Fintech startup will be offering its shares publicly and will seek a listing for them on the First North alternative securities market in Lithuania. The initial public offering will begin on May 15, 2019.
Shares will be offered in three countries simultaneously: in Lithuania, Estonia, and the Netherlands (where the company recently opened as NEO Finance B.V. for further development in Europe). NEO Finance plans to attract EUR 0.5 – 2.5 million through the IPO and intends to use the funds for expanding the Paskolu Klubas business and payment initiation services in Lithuania.
Sorainen reports that shares will be distributed using the Dutch auction method, in which investors place a bid for the amount they are willing to buy in terms of quantity and price. The earlier the bid is offered, and the higher it is offered to, the greater the possibility that the bid will be successful. The minimum selling price is EUR 3.14 per share.
The Sorainen team consisted of Partner Augustas Klezys and Senior Associate Dalia Augaite.