April 22 (SeeNews) - Bulgarian investment firm Eleven Capital [BUL:11C] started trading on the Bulgarian Stock Exchange on Wednesday, with the first deal, for 118 shares in the company, priced at 7.3 levs ($4.06/3.73 euro) per share, or 4.29% higher than the company's IPO price.
There were no other transactions in the company's shares by 12:50 CET on Wednesday, Sofia bourse data shows.
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"The listing of Еleven Capital is a historic moment both because of the fact that it is the first venture capital investment company on the BSE and because it happens during a pandemic," Manyu Moravenov, CEO of the BSE, said in a statement on Wednesday.
"We are pleased to introduce a different class of assets that is otherwise difficult to access, illiquid and requires specialized knowledge. On one hand, we are providing additional capital and time for portfolio companies to realize their potential while aiming to bring the startup ecosystem closer to the public markets," Daniel Tomov, CEO of Eleven Capital, said.
Last month, Eleven Capital raised 2.1 million levs in an initial public offering (IPO) on the Bulgarian Stock Exchange, as investors subscribed for 302,264 new Eleven Capital shares at a price of 7 levs apiece. 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)