The Ukrainian leasing company FinWin Financial Company LLC (TM FINWIN, Kyiv), owned by brothers Andriy and Oleksandr Shpyg of the LIZARD group, has completed the debut placement of its first issue of Series A corporate bonds in the amount of UAH 60 million.
“Under the terms of the agreement, 100% of the issue was effectively sold on the external market to professional investors,” – according to a statement on the company’s website.
It is noted that the investment company ICU played a key role in the debut bond offering, providing professional support for the issuer’s entry into the capital market, helping to effectively present the investment story to the external market, and effectively securing the bulk of the placement.
Saad Legal served as legal counsel for the bond issue—a specialized law firm focused on corporate law, securities trading, and the Ukrainian stock market.
“FinVin” also thanked its insurance partners, whose participation in the placement, according to the company, served as an additional positive signal to the market.
According to the statement, the company is directing all funds raised from the bond placement toward financing leasing projects for businesses. This includes machinery, equipment, transportation, energy solutions, and other assets.
Ruslan Kilmukhametov, head of the debt securities market division at ICU, added on Facebook that the FinVin bond issue was innovative, as the issuer, together with Saad Legal, utilized a new opportunity created by the National Securities and Stock Market Commission of Ukraine (NSSMC) in the latest revision of the regulations on corporate bond issuance.
“Namely, the ability to transfer bonds not sold during placement to an ‘for disposal’ account. This allowed us to resolve a significant problem of the past two decades, when issuers had to resort to so-called ‘technical placements.’ We are analyzing this experience and hope that future placements will proceed more smoothly,” noted Kilmukhametov.
According to information on the NSSMC website, it registered the debut issue of “FinVin” bonds with a total par value of UAH 60 million in August 2025, and the final certificate was issued in December. The par value of the bond is UAH 1,000.
In 2025, FinVin increased its revenue 20.5-fold—to UAH 663.25 million—and reported a net profit of UAH 3.30 million, compared to UAH 0.03 million a year earlier. The company’s registered capital at the end of last year was 20.10 million UAH, additional capital was 30 million UAH, and assets grew 14-fold during the year to 441.17 million UAH.
The LIZARD Group also includes the River Mall and Blockbuster Mall shopping and entertainment centers, the “Milk Alliance” group of companies, the “Planeta Kino” cinema chain and the Kidlandia entertainment center, Novoodessky Elevator LLC, the industrial and construction company “StoneLight,” and the IT company IWIS.
