March 5th, the bonds of the Latvian agricultural cooperative, LATRAPS have been included in the Nasdaq Baltic First North market. This event marks a historic milestone as it is the first time that securities from a Latvian agricultural cooperative have been listed on the stock exchange, providing a broader group of investors with the opportunity to invest in a prospective company and promote the growth of Latvian agriculture.
The leader of Latvia's agricultural sector, LATRAPS, attracted €8 million during its public bond offering in December 2024 to establish the largest pea protein isolate factory in Northern Europe—ASNS Ingredient. The interest from both retail and institutional investors in this local company was significant—the total demand for the bonds exceeded €12 million, surpassing the issuance target by 50%.
“In nearly 25 years, we have created a strong and competitive cooperative, bringing together more than 1,220 members. Previously, only LATRAPS members could invest in our growth, but with this bond offering, we have opened the door for a broader range of Baltic investors to be part of the success story of Latvian agriculture. We are honoured to join the ranks of ambitious companies on Nasdaq Baltic First North and sincerely thank the more than 300 Baltic investors for their trust. Together, we can ensure that Latvian agriculture, along with LATRAPS and ASNS Ingredient, becomes recognised on a global scale—both in the world economy and in kitchens worldwide,” emphasises Roberts Strīpnieks, Chairman of the Management Board at LATRAPS.
Symbolically, the listing of securities on the global market is marked by the Nasdaq Bell Ringing Ceremony and the announcement displayed on the screen at New York's Times Square. Today, the opening bell rang at an acoustic venue—the Grand Stage at Mežaparks, and was also attended by the Minister of Agriculture, Armands Krauze, who highlighted that LATRAPS' public bond issue is a significant step not just for the cooperative but also for the development of all Latvian agriculture.
The event was also attended by Liene Dubava, CEO of Nasdaq Riga, who stated: “LATRAPS' debut on the First North market is a symbolic event for the entire agricultural sector both in Latvia and across the Baltics, with LATRAPS being the first Latvian agricultural company to be listed on the stock exchange. If a company cares for its reputation and has a clear development strategy, investor interest will follow, and LATRAPS is proof of that.”
As a cooperative, LATRAPS has grown to become the largest agricultural company in Latvia and a significant grain exporter in the Baltics. The majority of LATRAPS' revenues are secured by the sale of farmer-produced goods — grains, peas, beans, and rapeseed — in the local market and exports, which account for 46% of total revenues. LATRAPS exports to more than 30 countries, with the main markets in 2024 being Europe (Spain, Germany, Sweden), Africa, and the Middle East.
The most advanced pea protein isolate factory in Northern Europe, is being developed in cooperation with strategic partners — European food industry leader Pfeifer & Langen. Initially, 98% of the produced goods are intended for export markets. The production capacity is planned at 69 thousand tonnes with the potential to expand to 120 thousand tonnes.
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