Aluksnes Putnu Ferma IPO to raise egg production by 60% and revenue more than twofold by 2025


During its initial public offering (IPO) scheduled for the fall this year, joint-stock company APF Holdings (hereinafter – APF), a group of companies comprising one of the largest poultry and egg production companies in Latvia, SIA Aluksnes Putnu Ferma, and poultry and rearing company SIA Preilu Putni, aims to raise investor capital to significantly expand the scale of Aluksnes Putnu Ferma Group’s operations and increase egg production 60% by 2025. Growth of this scale will elevate the company’s revenues from around EUR 11 million in 2022 to EUR 25 million in 2025.    

In addition to the existing three poultry houses, two more houses will be built and capacity of the production support infrastructure will be expanded. As a result, annual egg production will increase from 115 million eggs to 180 million eggs, while the number of laying hens will grow to 665,000. Furthermore, APF is also planning to launch egg processing, setting up new production facilities that will make modern and healthy egg products.    

The company’s EBITDA (earnings before interest, taxes, depreciation and amortization) is expected to grow from around EUR 2 million last year to EUR 8.5 million in 2025 thanks to an increase in both the scale of operations and profitability.    

“Fixed costs are high in poultry farming, and production volumes have a relatively limited effect on fixed costs. This means that, beyond 100 million eggs produced annually, the company will earn increasingly more from each million eggs further produced. Accordingly, the objective of our IPO is to significantly increase production capacity, which in turn will make it possible for the company to earn more and continue to invest in development. The IPO will mark the beginning of a new development dynamic for us,” says Jurijs Adamovics, Chairman of the Board at APF Holdings.  

 It is important to point out that APF’s new poultry houses will produce barn-laid eggs, not cage-laid eggs. The demand for barn-laid eggs is growing in Latvia, Europe and elsewhere in the world, as these eggs are laid by hens that live in healthy conditions and are free to move around. From 2025, supermarket chains in Latvia are also planning to switch to barn- or free-range eggs only, and APF Group, with its new poultry houses and development plans, will be ready for this change.    

“Export is one of the main aspects of APF’s growth plans, given that 21 out of 36 countries in Europe consume more eggs than they produce. Germany, for example, has the biggest shortage of eggs in Europe, importing more than 320,000 tons of eggs each year. Countries such as Great Britain, Belgium, Italy and even the neighboring Estonia are also major egg importers rather than exporters,” adds Jurijs Adamovics.    

Egg production is efficient and sustainable because relatively fewer nutrients are needed to produce protein from eggs. For instance, egg production requires more than four times less feed per unit of protein than beef production.    

“APF aims to become an exemplary model of completely circular production, that is, one where production resources are used in an environmentally friendly and reusable way. Consumption trends in recent years show that it is important for people to eat ethically and sustainably produced food, and APF’s approach will stand out both in Latvia and in European export markets,” Jurijs Adamovics goes on to say.    

While preparing for its IPO, APF is being advised by Signet Bank, Latvia’s leading investment bank, on financial matters and by Eversheds Sutherland Bitans on legal matters.  

As reported, APF plans to go public on the stock exchange this coming fall through an Initial Public Offering (IPO) of its shares. The company’s shares are to be listed on Nasdaq Riga’s alternative market First North.    

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.