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Nov 30, 2022 12:26 EEST
November 30 (SeeNews) - Bulgaria's MFG Invest said on Wednesday that it has invested 150,400 euro ($155,950) in local smart farming solutions startup Ondo ahead of MFG’s initial public offering (IPO).
In return, MFG will obtain a stake of 3.75% in the capital of Ondo Solutions, which is valued at 4 million euro, the investment company said in a bourse filing.
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The changes are about to be entered into the trade register, MFG said.
The investment company plans to carry out an IPO on the BEAM growth market of the stock exchange in Sofia on December 6, seeking to raise 6 million levs ($3.18 million/3.07 million euro). MFG said earlier this month that it will invest the proceeds in new firms such as Ondo, Infinno and NewPay. MFG also plans additional investments in its portfolio companies Tiger Technology and Eleven Fund III Cooperatief U.A. Netherlands.
In view of the investment in Ondo Solutions, the document for admission of shares to the BEAM market has been amended. IMG said in its latest statement that its board of directors approved the amended document on Tuesday.
In the IPO, IMG will offer 1.78 million shares at a price of 3.38 levs apiece.
Ondo Solutions is developing software and hardware to automate processes in agriculture enterprises. The company offers solutions for precise irrigation, fertilization and climate control for all crops. In 2021, Ondo attracted an investment of 1 million euro in a funding round led by local venture capital fund Eleven Ventures.
($ = 0.9644 euro)
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