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As part of the public share offering, Finax allotted 77,364 shares at an issue price of €108.85 (share price), raising €8.42 million in capital. The issue set the company's valuation at €85 million.
Since the founding of Finax, Ďuri Hrbatý has regularly communicated three key goals for our company: digital provision of investment services, financial education, and stimulation of the Slovak capital market.
Finax's ambition is to create an infrastructure for the public financing of young companies, with the vision of their subsequent admission to trading on the stock exchange. We have already taken the first successful step in this direction.
We tested the public offering of shares to a wide audience to acquire new capital firsthand. Despite a profitable 2024, the Finax management decided at the beginning of the year that we would not build our future solely on organic growth but would increase its potential with additional proprietary resources.
Finax's nearly 8-year history has shown us that we can acquire new clients and manage their assets very effectively. We have also managed to establish ourselves in foreign markets, enter the pension market, and advance in technological development.
Our ambitions grew with our successes. The first Slovak digital manager has become a popular tool for wealth building and financial education, later a Central European player, and today our aspirations reach a pan-European level.
We intend to partially finance this expansion through a public share offering, an approach with which Slovakia does not have much experience in the past decade. The broad masses of retail investors from the Slovak Republic can participate in the subscription of new shares in this form.
The unique public share offering met our expectations. The goal was to acquire €3 to €10 million at a company value between €60 and €90 million. The volume acquired and the Finax valuation finished close to the set maximum values, which represents a huge success.
The Course of the Public Share Offering
Several months before the launch of the public offering, Finax intensively communicated with the National Bank of Slovakia (NBS) and prepared the necessary securities issuance prospectus.
Such a document, which meets the requirements set by legal regulations, defines the necessary information about the issuer and the security issued, and specifies the procedure for its subscription. The NBS approved the prospectus on 10.11.2025, thereby commencing the Finax public share offering.
As part of the offer, we provided all mandatory documents, results of past performance, future plans for the use of the funds raised, and the process of the subscription itself to investors interested in the offer.
During the two-week roadshow for the public share offering, Finax representatives personally and online addressed more than 6,000 potential investors throughout Slovakia.
The three-day book-building was subsequently launched on December 2nd. During this period, interested parties placed orders for share subscriptions in a special asset account. At their discretion, they could enter the number (volume) of Finax shares they wished to purchase at a given price level for each of the seven price levels.
Based on these orders, i.e., the interest in shares at the individual prices and under the conditions specified in the prospectus, the Finax Board of Directors determined the resulting share price, which was approved by the company's Supervisory Board.
The prospectus set out the main and supporting criteria for determining the final price.
The main criterion was the total amount of funds Finax would acquire at a given price level.
The supporting criteria:
- The value of all Finax shares based on the final price.
- The total number of Finax shares to be issued within the offer according to the prospectus.
- The volume of money (binding orders) that Finax would not be able to satisfy due to high interest.
The Board of Directors made its decision based on the optimal consideration of all factors, thus balancing the acquired capital, the interests of existing shareholders, and the interest of new investors.
Demand was relatively evenly distributed among all price levels. Less than 10% of interested parties were not satisfied in the public offering. For investors, the certainty of subscribing to the shares was more important than purchasing them at a specific price. This is a strong expression of confidence in Finax and its future, for which we are immensely grateful.
The final price of one share was set at €108.85. Finax thus acquired capital amounting to €8.42 million at a company valuation of €85 million.
Use of the Acquired Capital
Finax will use the acquired funds in five main areas:
- Strengthening market share in existing markets – utilizing the current position and favorable client acquisition costs, meaning marketing and sales in Slovakia, Poland, and Croatia.
- Expansion into new markets under the Finax brand – launching digital wealth management investment services first in Romania and later in Bulgaria.
- Technological development – a wide range of software solution development for offerings to direct clients and third parties (Investment-as-a-Service, white-label solution for intermediaries, Pension-as-a-Service).
- Expansion of the European Pension into other EU countries – gradually opening new markets in Western Europe without strong service localization.
- Strengthening the capital structure – Finax significantly increased its equity, thereby strengthening its financial stability.
We have simultaneously created room to utilize potential acquisition opportunities. A portion of the funds will be used to pay out existing shareholders who acquired shares under the employee share-based compensation program.
As is clear from the plans, our goal is to continue growing and make Finax a European manager of wealth and pension savings.
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The primary focus is on increasing the number of clients, especially outside of Slovakia, improving the quality of our services, and developing innovative technologies.
The company's strategy will also be adapted to this goal. For now, we plan to continue reinvesting the returns.
The plan is to enter one of the European stock exchanges, thereby bringing the necessary share liquidity to new shareholders. The upcoming years will therefore also be dedicated to preparation for admission to trading on the stock exchange, transitioning to new accounting standards, quarterly publication of financial results, and communication and relationship building with investors.
The number of co-owners of Finax has expanded by more than 1,400 shareholders. We have once again elevated our commitment to enhancing our clients' wealth to a higher level. Maximizing long-term shareholder value also becomes a significant goal from today forward.
Thank you for the trust shown by everyone who has embarked on this journey with us. The issuance of our own shares confirms that there is interest in domestic investments and support for the local economy even in Slovakia.
We firmly believe that we will continue to be a leader in bringing trends that are standard in developed Western markets and that other companies will follow us. Together, we will make Slovakia a competitive country that utilizes domestic potential and has much to offer the world, especially in the form of quality human capital.
