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CORRECTED - Bulgaria's Eleven Capital gets nod for 2 (NOT 4.1) mln euro IPO in Sofia

Author Mario Tanev
CORRECTED - Bulgaria's Eleven Capital gets nod for 2 (NOT 4.1) mln euro IPO in Sofia Photo: Bulgarian Stock Exchange / All rights reserved.

SOFIA (Bulgaria), January 10 (SeeNews) - In SeeNews story "Bulgaria's Eleven Capital gets nod for 4.1 mln euro IPO in Sofia" dated January 10 please read in the headline "Bulgaria's Eleven Capital gets nod for 2 mln euro IPO in Sofia." Please, also read in the first paragraph "... will seek to raise up to 4 million levs ($2.3 million/2 million euro)", instead of "...will seek to raise up to 8 million levs ($4.5 million/4.1 million euro)."

A corrected version follows:

Bulgaria's Financial Supervision Commission said that it has approved the initial public offering (IPO) prospectus of local investment firm Eleven Capital, which will seek to raise up to 4 million levs ($2.3 million/2 million euro).

Eleven Capital will offer 500,000 shares for subscription at a price of up to 8 levs but no less than 7 levs, the financial regulator said in a statement on Thursday.

Eleven Capital, established in January, 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)

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