Bulgaria's Eleven Capital plans 2 mln euro IPO in Sofia in H1 2020 - report

The IPO prospectus has been submitted to the Financial Supervision Commission for approval, local business news outlet Capital.bg reported.

Eleven Capital, established in January, is the owner of the portfolio of local venture capital fund Eleven, comprising stakes in 70-80 companies.

The Eleven fund was launched in 2012 by Eleven Ventures, as a 12 million euro acceleration and seed fund, which was fully invested in 115 startups over three years. The fund initially benefited from financing from the European Investment Fund (EIF) under the JEREMIE programme.

If the IPO is completed successfully, Eleven Capital will invest the funds in around 30 of the companies in its portfolio. The stakes in the other companies will likely be divested.

The company currently has no majority shareholder - it has a registered capital of about 2 million levs, distributed between 10 companies and 13 private investors.

(1 euro = 1.95583 levs)