On Thursday, February 26, the Riga City Council voted in favor of beginning the preparatory process for the initial public offering (IPO) of shares belonging to SIA "Riga House Manager". This decision places Jānis Lange, the Executive Director of Riga City, in charge of managing the preparation process, which includes attracting an IPO organizer through a public procurement process. The council aims to ensure that the preparation phase evaluates legal, financial, and corporate governance aspects of the company while also analyzing the potential benefits and risks for the municipality, the firm itself, and its residents.

During the preparatory phase, comprehensive evaluations will be carried out to assess the company's readiness for a public offering. It is essential that SIA "Riga House Manager" undergoes reorganization into a joint-stock company in order to make its capital share available for public offering. The council has stated that a final decision regarding the public offering and its initial conditions will only be made following the development of a strategic preparation plan.

The Riga municipality is planning to announce a public procurement process for selecting an independent, professional, and experienced IPO organizer. The selected firm will not only conduct a thorough evaluation of "Riga House Manager" but will also develop a strategy tailored to the company’s public listing efforts, ensuring that all relevant aspects are meticulously prepared for the financial market. This move is seen as significant for the city, potentially improving transparency and attracting investment.