February 25 (SeeNews) - Bulgarian investment firm Eleven Capital said on Tuesday that it will launch an initial public offering (IPO) on the Bulgarian Stock Exchange on March 4, seeking to raise up to 4 million levs ($2.3 million/2 million euro).
Eleven Capital is offering 500,000 new shares for subscription at a price of between 7 and 8 levs, the company said in a statement.
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The IPO will run until March 17 and will be considered successful if at least 250,000 shares are subscribed for and paid for.
Eleven Capital, established in January 2019, is the owner of the portfolio of local venture capital fund Eleven, comprising stakes in 70-80 companies.
Last year, business news outlet Capital.bg reported that if the IPO is completed successfully, Eleven Capital 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.
The company currently has a registered capital of just under 2 million levs, divided into an equal number of shares with a nominal value of 1 lev apiece.
(1 euro = 1.95583 levs)