SOFIA (Bulgaria), March 24 (SeeNews) - Bulgarian investment firm Eleven Capital has raised 2.1 million levs ($1.2 million/1.1 million euro) in an initial public offering (IPO) on the Bulgarian Stock Exchange, local brokerage Karoll, which managed the offering, said.
Investors subscribed for 302,264 new Eleven Capital shares at a price of 7 levs apiece, all of which were paid by Monday, Karoll said in a statement at the time.
Eleven Capital's expenses related to the offering amounted to some 70,000 levs.
Eleven Capital offered 500,000 new shares for subscription at a price of between 7 and 8 levs, with the minimum threshold for considering the IPO successful set at 250,000 shares.
Eleven Capital, established in January 2019, is the owner of the portfolio of local venture capital fund Eleven, comprising stakes in 70-80 companies.
In its prospectus, the company said it will invest the funds in around 30 of the companies in its portfolio, while interest in the other companies will likely be divested.
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.
(1 euro = 1.95583 levs)