December 2 (SeeNews) - The initial public offering (IPO) of shares of Dronamics Capital, a company established to invest in Bulgarian cargo drone manufacturer Dronamics, was oversubscribed almost 4.5 times, the Bulgarian Stock Exchange (BSE) said on Thursday.
The company raised in full the planned funding of almost 6 million levs ($3.5 million/3.1 million euro) in the IPO held on the BSE's small and medium-sized enterprise (SME) growth market BEAM, the bourse said in a statement.
Last month, Dronamics Capital said that it will launch аn up to 5.9 million levs IPO on December 2 by offering up to 5,334,081 preference, class B shares for an issue price of 1.10 levs apiece. The IPO will be considered successful if at least 2,667,040 shares are subscribed and fully paid for, the company said at the time.
Dronamics said earleir this week that it will unveil The Black Swan, its advanced unmanned airplane, at Sofia Airport on December 7. The Black Swan aircraft is able to carry up to 350 kg of cargo at a distance of up to 2,500 km at up to 80% lower cost than any existing aircraft and can operate from unpaved runways as short as 400 meters, the company said.
Dronamics was founded in 2014 by the Rangelov brothers Svilen and Konstantin. Dronamics and Dronamics Capital are both 100%-owned by U.K.-based Dronamics Global Limited, according to Bulgarian commercial register data.
The BSE's Bulgarian Enterprise Accelerator Market (BEAM) market was created with the purpose of allowing small and medium-sized enterprises (SMEs) to seek listing under simplified procedures as compared to the regulated market.
(1 euro = 1.95583 levs)