Investor news

19.01.2024

Nasdaq welcomes iCotton to the Baltic First North Market

Riga/Tallinn/Vilnius, Nasdaq Baltic Market, January 19, 2024 – Nasdaq (NDAQ) announces that bonds issued by Latvian company iCotton were admitted to trading on the Nasdaq Baltic First North Bond List by Nasdaq Riga as of today.

iCotton, the leading manufacturer of cotton and hygiene products in the Baltics, has issued secured and guaranteed bonds in the amount of EUR 20 million as part of a private offering. More than 70 private and institutional investors participated in the bond issue, most of them from the Baltic States. The proceeds from the bond issuance will be used to refinance the obligations of the iCotton group in Latvia and Poland. 

The bonds have a nominal value of EUR 1,000 each, with annual coupon rate of 6% + 3M EURIBOR and interest paid quarterly. The maturity date of the bonds is June 30, 2027.

“Congratulations to iCotton on its first bond issue and successful debut on Nasdaq First North. This is the first bond issue on the Nasdaq Baltic First North market this year, and we are proud it was done by a Latvian company. Regional companies make a large impact on local communities and play a critical role in shaping people’s well-being. Therefore we`re delighted for each regional company joining the stock exchange. The more rapidly growing companies, the more jobs and new opportunities for all” said Liene Dubava, CEO of the Nasdaq Riga Stock Exchange.

“The group’s growth is based on strong fundamentals – a successful business model, globally demanded products and a continuously growing market for hygiene products. We meet the growing demand for hygiene products with modern, highly automated production facilities in Liepaja and Poland, which allow us to respond quickly and efficiently to market demand trends. In addition, our selected product groups are high quality products that are well-known and in demand both in Europe and other regions of the world. The consumption of hygiene products continues to grow in all regions of the world, and we see great potential for further business growth with the help of the bond financing,” said Jānis Bormanis, Member of the Supervisory Board of iCotton.

iCotton is a Latvian manufacturing company founded in 2011 in Liepāja and has become a leading Baltic manufacturer of cotton and hygiene products. iCotton Group also includes the Polish company Harper Hygienics. The group produces a wide range of products, incl. cotton buds and pads, absorbent pads, wet wipes, feminine hygiene products. The group’s main brands are Cleanic (beauty and hygiene products), Kindii (baby products) and Presto (household cleaning products), which are particularly well-known on the Polish market. The Group has production facilities in Liepaja with 9,000 m2 and 11 production lines, and in Warsaw, Poland with 13,200 m2 and 44 production lines. iCotton Group will have a turnover of more than EUR 70 million in 2023, 45% domestic (Baltic, Polish market) and 55% EU and non-EU export market.

Nasdaq First North Market is tailored to support smaller, growing companies that want to raise capital and get the visibility and credibility of being a public company. For investors, First North offers an opportunity to invest in companies that are at an earlier stage of their growth.

Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq Riga, Nasdaq Vilnius securities exchanges as well as Nasdaq CSD. Read more: nasdaqbaltic.com

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