The Bank of Latvia has approved the prospectus for the secured bond issue by OC VISION, the leading vision care group in the Baltics. This marks OC VISION’s first public bond offering, aiming to raise up to €10 million. From 4 June to 17 June 2025, retail and professional investors in the Baltics will have the opportunity to invest in secured bonds with an annual interest rate 6% and a 4-year maturity. The minimum subscription amount is €100. OC VISION aims to improve access to healthcare services and drive regional expansion. The bonds will be listed on the Nasdaq Baltic First North market.
Notably, OC VISION’s bond offering comes at a time when global attention is increasingly focused on myopia – the rising prevalence of near-sightedness (myopia), particularly among children. It is projected that by 2050, every second person worldwide will be affected by myopia. Among children, the condition often progresses rapidly, but with early diagnosis and the use of specialised corrective lenses, its progression can be controlled. Addressing this issue is a priority for OC VISION — the company has already opened three myopia progression control centres in Latvia, with plans for further development.
Use of proceeds
The OC VISION group is widely recognised across the Baltics for its optical retail brands — Vision Express, OptiO, VIZIONETTE, and the e-commerce platform Dr. Lensor. The proceeds from the bond issue will be used for the refinancing of the group’s existing liabilities and will support expanded access to healthcare services and regional growth — including store modernisation and the development of new, specialised concepts for vision and hearing examination rooms.
“Our market opportunity is driven by both medical necessity and lifestyle trends, as consumers increasingly seek optical products that combine functionality with fashion. Similarly, demand for hearing aids and hearing health solutions is growing, due to an ageing population and widespread use of audio devices like headphones,” said Toms Dzenis, CEO and Board Member of OC VISION.
“OC VISION also remains committed to further M&A activity in the region to strengthen our position in Lithuania and Estonia. To date, we have completed six acquisitions of companies or their assets in the Baltics. For example, the Vision Express subsidiaries acquired in 2001 now generate roughly half of the group’s total revenues,” added Gatis Kokins, Board Member of OC VISION. OC VISION is the largest provider of optical and optometry services in the Baltics, with a 24% market share and 77 stores across Latvia and Lithuania.
“OC VISION operates in a stable and resilient sector with increasing demand for vision care. The market’s resistance to economic fluctuations and wider public health trends makes it one of the most promising investment segments. We are pleased to offer investors the opportunity to be part of the market leader’s growth story and benefit from portfolio diversification,” said Edmunds Antufjevs, Head of Investment Banking at Signet Bank AS.
Strong financial performance and growth
In 2024, OC VISION recorded 10% revenue growth year-on-year, reaching €36 million. EBITDA rose to €2.2 million, reflecting 38% growth compared to the previous year.
2024. The majority of 2024 revenue — €29.7 million — came from vision and hearing care solutions, delivered through the group’s omnichannel retail network, which includes Vision Express, OptiO, VIZIONETTE, and Lornete.
Key terms of the bond offering
The minimum investment amount is 1 bond or €100 for one investor, with an annual interest rate of 6%, and quarterly coupon payout. The bonds have a four-year maturity term, with a single repayment at the end of the term. OC VISION bond issue will be secured with pledges on the assets of OC VISION and its subsidiaries in Latvia and Lithuania.
Timetable of the offering
- Subscription period starts: 4 June 2025, 10:00 EET
- Subscription period ends: 17 June 2025, 14:30 EET
- Nasdaq investor webinar: 10 June 2025 at 10:00 EET (Latvian) and 11:30 EET (English)
- Results announcement: 18 June 2025
- Settlement date: 20 June 2025
Inviting investors to join the webinar
To introduce potential investors to the company and its bond offering, as well as to answer any questions, OC VISION is hosting a webinar on June 10 – at 10:00 AM in Latvian and at 11:30 AM in English. Anyone interested can register for the Latvian-language webinar here, and for the English-language webinar here.
The bond offering is organised by Signet Bank AS , a leading Latvian investment bank. TGS Baltic provides legal counsel, while SIA Sorainen ZAB is the collateral agent.
Investor loyalty programme – investing in health
Investors subscribing €500 or more in OC VISION bonds will be eligible to join a special Investor Loyalty Programme, available at three levels — VISIONARY Bronze, Silver, and Gold. Depending on the level, benefits include free vision and hearing tests, Dr. Lensor dry eye therapy drops, Ray-Ban sunglasses, prescription glasses, or a four-year contact lens subscription.
More information is available at: https://ocvision.eu/lv/obligacijas/
About OC VISION
1991. Operating since 1991, OC VISION is a major player in the optical market, operating 77 retail locations in Latvia and Lithuania through brands such as Vision Express, OptiO, and VIZIONETTE. The Group is also expanding its e-commerce footprint through Dr. Lensor, active across the Baltics and now growing in Northern Europe. Additionally, Opptica serves as a reliable wholesale and service partner for optical goods and ophthalmic equipment, supporting eye care and medical professionals throughout the region.
OC VISION’s ambition is to lead the development of vision and hearing care in the Baltics by introducing the latest technological innovations and creating opportunities for top industry professionals. To date, the company has invested over €11 million in diagnostic facilities and advanced technologies to support vision and hearing health—and remains committed to continued investment in this promising field.
2025. On 25 March 2025, the Central Finance and Contracting Agency (CFCA) approved the investment project application No. 1.2.1.3/1/25/A/001 “Attracting Capital Market Financing for SIA OC VISION to Enhance International Competitiveness and Investment in Development and Innovation.” The project aims to raise financing through the capital market. The total eligible project costs are €266,866.56, including €102,000.00 in ERDF support and €18,000.00 in national co-financing.
Disclaimer: This is an advertisement. Each investment decision should be based on the Prospectus approved by the Bank of Latvia (available at: https://ocvision.eu/lv/obligacijas/). The approval of the Prospectus by the Bank of Latvia should not be understood as an endorsement of the securities.
Additional information:
Kristiāna Antonišķe
E-mail: kristiana@springchanges.com
Phone: +371 29249583
