The listing of MADARA Cosmetics shares follows the company’s initial public offering, which ended on November 3, 2017. Total demand for shares represented 2.6 times the offer base. All MADARA Cosmetics’ currently outstanding shares will be admitted to trading on the Baltic First North market.

MADARA Cosmetics, founded in 2006, is the local pioneer in the field of natural cosmetics. In 2016 and 2017 the company and its managers were ranked among the top-10 Most Admired Business Leaders in Latvia. MADARA develops and manufactures all products exclusively at its own laboratories and facilities to ensure 100% control over processes. Further evidence of its passion for quality and perfection in every detail are the company’s ECOCERT organic certification, GMP and ISO standards, and in vitro and in vivo research. For more information, visit

“The whole IPO process made us feel that we’re going in the right direction, and now a new page in the company’s development has been turned. This step will help us implement our strategy and goals faster and at a higher level. We’re extremely excited about the value that the new shareholders can add to our activities,” says Uldis Iltners, the CEO of MADARA Cosmetics.

“MADARA Cosmetics is a new generation company with a distinctive approach and ambitious vision for development. The company’s impressive debut on the First North market, not only attracting new share capital but also reaching more than 700 investors, is strong confirmation of that,” notes Daiga Auziņa-Melalksne, Head of Exchange Services at Nasdaq Baltic and the CEO of Nasdaq Riga. “We congratulate MADARA Cosmetics and its shareholders on this important milestone. We’re delighted that an enterprise with roots in Latvia has chosen Nasdaq Riga and the Baltic capital market as a platform for its further growth.”

It is refreshing to see the growing interest of regional investors, both retail and institutional, towards exciting SME companies such as MADARA Cosmetics. This is the first Nasdaq Riga First North IPO, and it gives us firm proof that Latvian companies with a sound investment case, thorough preparation and solid transparency principles can successfully source public equity capital to further expand operations and enhance international visibility,” says Ivars Bergmanis, Head of Institutional Markets at LHV Bank, the global lead manager and bookrunner of the IPO.

LHV Bank has been appointed as the Certified Adviser for the company on First North and will also be providing a market-making facility.

First North 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 interesting stage of their growth. First North is an alternative market and is often seen as a first step towards trading on the main market.

About Nasdaq First North 
Nasdaq First North is regulated as a multilateral trading facility, operated by the different exchanges within Nasdaq Nordic and Nasdaq Baltic. It does not have the legal status of an EU-regulated market. Companies at Nasdaq First North are subject to the rules of Nasdaq First North and not the legal requirements for admission to trading on a regulated market. The risk in such an investment may be higher than on the main market. This can also mean higher earnings potential on investments.

About Nasdaq 

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Media Relations Contact:

Daiva Taučkėlaitė
+370 620 55127