ViaClarus is supporting a workspace solution manager Hestio in further capital raising options

Workspace solution manager AS Hestio considers further capital raising options

To facilitate the Company's future growth in Latvia and abroad, leading workspace solution manager AS Hestio is considering further capital raising possibilities on Nasdaq Riga alternative market First North.

In December 2022, AS Hestio issued bonds for EUR 990,000 as part of a private placement. These were admitted to trading on the Nasdaq Baltic First North Bond List in December 2023. The bonds mature in September 2027.

Reinis Tutāns, Member of the Management Board and Chief Financial Officer of AS Hestio says: “Our recent bond issue experience has been very positive. We plan to expand our capital market footprint in the future, including the contemplation of additional bond issues or an IPO. Further capital raising will enable us to significantly widen our service offering and expand to new markets. We are therefore working with ViaClarus as our financial advisor.”

“We laid the groundwork for what lies ahead already back in 2022. The Company, which was previously known and operating under the brand name Birojs.lv, undertook a full rebranding process, acquired a competitor specializing in printer cartridge production (SIA Baltijas Biroju Serviss) and established the Auron Coffee Roastery. As a result, we have strengthened our position as Latvia’s leading workspace solution provider,” Tutāns added.

In 2022, the net turnover of AS Hestio grew by 34% and reached EUR 13.06 million, EBITDA was EUR 0.86 million while the Company’s net profit was EUR 0.14 million.

About Hestio:

Hestio is a full-service workspace solution provider, operating in the Latvian market since its establishment in 2007. Distinguished as the market leader in the office supplies and services sector, the Company has earned the trust of over 8000 customers.