Alūksnes Putnu Ferma Group heads to stock exchange for initial public offering


Joint-stock company APF Holdings (hereinafter – APF), a group of companies that includes one of the largest poultry and egg production companies in Latvia, SIA Alūksnes Putnu Ferma, and poultry and rearing company SIA Preiļu Putni, is planning to go public this coming fall by implementing the initial public offering (IPO).    

APF shares are to be listed on Nasdaq Riga’s alternative market First North and the purpose of the share issue is to attract new investments for a significant increase in egg production capacity, expansion of operations in Latvia and on export markets, and development of operations based on sustainable circular economy principles.    

In 2022, the company achieved its best financial results to date, with revenues reaching EUR 11.22 million, up from EUR 3.93 million in 2021, while the average number of laying hens increased to 356,000 hens, compared to 225,000 hens a year earlier.    

“Global consumption of egg and poultry protein continues to grow faster than any other type of animal protein, and we want to make good use of the resources offered by the Latvian poultry industry to take advantage of this market potential. Last year, for the first time in the history of our business APF Group companies sold more than 100 million eggs and doubled egg sales as compared to the previous year, that is, 106 million eggs were sold in 2022 against 54 million eggs a year earlier. We are confident that these amounts can be increased several times, both on the local and foreign markets,” says Jurijs Adamovičs, Chairman of the Board at APF Holdings.    

Last year, the company’s export volumes also increased significantly, and revenue from sales in the European Union countries increased more than tenfold, from EUR 398,000 in 2021 to EUR 4.49 million last year. Given the steadily growing demand for sustainably produced eggs and other food products of high quality, European markets offer significant development potential for APF’s future growth.    APF shares are to be made available for purchase by both institutional investors and any resident of the Baltic countries. It is expected that the initial public offering of APF shares could be implemented in the fourth quarter of this year, by which time IPO preparatory work will be completed. This entails development of the investment offer in detail, addressing investors, preparing and submitting the initial public offering prospectus to the regulator for approval, and taking other measures necessary for implementation of a successful IPO.    

Joint-stock company APF Holdings was founded in 2017 by Jurijs Adamovičs to take over and modernize a 60-year-old poultry facility based in Alūksne. Today, APF Holdings comprises a group of companies involved in poultry farming, chicken egg production and marketing, as well as production of gas and organic fertilizers as part of its poultry business. The group is made up of SIA Alūksnes Putnu Ferma (poultry farming and egg production), SIA APF Trading (wholesale trade in chicken eggs), SIA Oluksne (poultry farming and egg production services), SIA APF Energy (production of gas and organic fertilizers), and SIA Preiļu Putni (poultry farming, rearing farm). Jurijs Adamovičs is the largest shareholder in APF Holdings.  

Disclaimer: This announcement constitutes unpaid marketing communication under the Prospectus Regulation and does not constitute investment advice or offer. The information contained herein contains general forward-looking statements about AS APF Holdings’ intention to make an initial public offering of its shares. Each investment decision should be made on the basis of a Prospectus approved by the Bank of Latvia. The approved Prospectus will be published on the website of the Bank of Latvia ( as soon as it becomes available.