June 6 (SeeNews) - Bulgaria-based investment platform Webit Investment Network, or WIN, [BUL:WIN1] has raised the targeted amount of some 5.8 million levs ($3.2 million/3 million euro) in its initial public offering (IPO) which was over 2.4 times oversubscribed, it said on Monday.
Demand for WIN shares totalled 14.2 million levs, while the company aimed to raise at least 2.93 million levs from investors, WIN said in an e-mailed statement.
You can subscribe to our M&A newsletter here
WIN launched the offering in May, with shares of 1 lev in par value each priced at 1.05 levs apiece.
The Bulgarian Stock Exchange said in a separate statement that it admitted to trading a temporary issue of 5,588,000 new ordinary shares of WIN in the most successful IPO on its SME growth market BEAM this year.
Secondary trade in WIN shares is expected to begin by the end of June, at which time investors will be able to purchase additional shares, bookrunner IP Carol said. Alternatively, they could use remaining funds from the IPO to participate in the company's next capital increase, in case the legal threshold is raised to eight million euro ($8.6 million), the investment broker said.
WIN was set up to invest in technology start-ups and scale-ups that are chosen as finalists of the Founders Games, the growth programme of the Sofa-based Webit Festival. Webit is an organisation which runs global festivals that boost entrepreneurship and innovation n sectors such as artificial intelligence (AI), Internet of Things (IoT), virtual and augmented reality (VR/AR), next generation cloud computing, blockchain and biotechnology.
(1 euro = 1.95583 levs)