Montenegro's Profit App raises 184,000 euro in new share issue

The public offering is considered successful, as the success threshold of 15% of the total offer was exceeded by 0.2 percentage points, the bourse said in a statement on Friday.

In particular, Profit App placed 10,120 shares at 18.18 euro each, equal to their nominal value.

In April, the fintech company offered to interested investors a total of 67,388 new shares, hoping to raise 1.225 million euro to finance the purchase of electronic money licences from Montenegrin and European Union authorities. Back then, Profit App said it had already applied for the licences, expecting to pay 400,000 euro for the Montenegrin permit and 600,000 euro for the EU one.

In December, Profit App International sold in a private placement 15,127 new shares of 18.18 euro in par value each, raising 275,009 euro.

The company's pre-tax profit rose to a preliminary 161,000 euro in 2023, from 107,000 in 2022.

Its shares last traded on April 5, closing flat at 17 euro.

Profit App International was established in May 2019. It is 99.6%-controlled by Podgorica-based Profit App, bourse data showed on Monday. The parent company Profit App is 60%-owned by its executive director Vojin Raskovic.

Profit App International offers mobile application payments, instant money transfer and instant cashback, among others, in Montenegro, Slovenia, Serbia, and Bosnia and Herzegovina. It is planning to expand in the European Union in the coming period.

($ = 0.928 euro)