Latvian specialty coffee roaster and café operator, Kalve Coffee, is planning to raise €1 million ($1.1 million) through an initial public offering (IPO) to fund its international expansion and enhance its production capabilities. Established in 2019, the company aims to go public in the latter half of 2024, with the goal of becoming more globally accessible. Kalve Coffee currently operates four café locations and a bakery in Riga, Latvia, and a roastery in Jaunmārupe. The IPO proceeds will be used to open six new café-stores in Estonia and Lithuania by 2025, with further expansion into other Baltic regions by 2026. Additionally, the funds will help optimize manufacturing processes and boost production at their Jaunmārupe facility, which produces 60,000 kg of coffee monthly. Kalve Coffee also distributes coffee machines and grinders and plans to expand its rental and maintenance services. The company saw a 38% increase in sales in 2023, reaching a record revenue of €2.5 million ($2.7 million). Co-founder Gatis Zēmanis highlighted the company's steady growth and its mission to provide a unique specialty coffee experience in the premium coffee market.
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