Eleven’s IPO gets FSC approval (NEUTRAL)

The Financial Supervision Commission gave a green light to Eleven Capital for the issue of 500k new ordinary shares with nominal value of BGN 1.00 and issue price between BGN 7.00 and BGN 8.00. The goal is to raise up to BGN 4m from a wide number of investors. The company was established with a 7 year term, with just under 2m shares and the goal of investing 30 portfolio companies, and disposing of the remaining. The portfolio consists of minority shares in 70-80 companies, mostly from the tech sector. There are no plans to use other sources of capital or new investments.