Storent targets €18.5m in new bond offering

Latvian based rental company Storent is to issue a public bond to raise up to €18.5 million, with the offer open from 12 November to 2 December 2025. The company said it was aiming for an IPO within two years.

It is the company’s second tranche issued under the prospectus approved in April this year by the Bank of Latvia, and the first since Storent its recent acquisition of a majority stake in Connect Rentals, a rental company in Texas, US.

The bonds will carry a fixed annual interest rate of 10% and a 3.5-year maturity, with 185,000 bonds with a nominal value of €100 to be offered to investors.

Storent said the funds will be used to refinance existing bonds and support further growth in Europe and the US.

Andris Pavlovs, co-founder and chairman of AS Storent Holding, said; “From a European-level player, we have become an international company with operations in the US and one of the most efficient business models in the industry - combining digitalisation, high profitability, and rapid scalability.

“Following the M&A transaction with the U.S. company Connect Rentals, Storent’s equity value increased from €27.4 million to €70.6 million, while the enterprise value rose from €79.9 million to €158.2 million.

“Over the next two years, we are purposefully moving toward the next milestone - to reach €100 million in equity value and prepare for an IPO.”

The bonds will be listed on the Nasdaq Riga regulated market. The bond issue is organised by Signet Bank, with legal advice provided by law firm Cobalt.

Storent has 35 rental depots: 15 in Latvia, 9 in Lithuania, 4 in Estonia, 4 in Finland, 1 in Sweden and 2 in the US. It employs more than 275 people.