MFG Invest will attempt to raise up to BGN 6m on BEAM on 6 December
Source: MFG Invest; FFBH
MFG Invest, an investment company, will launch its IPO on the SMEs growth market BEAM on 6 December. The company intends to offer up to 1 775 200 new shares with nominal value of BGN 1.00 and issue price of BGN 3.38, which puts the maximum amount of proceeds at slightly more than BGN 6m. The IPO would be successful if at least 800 000 of the newly issued shares are subscribed and paid for. Currently the company’s capital consists of 9.6m shares, which puts its pre-IPO valuation at BGN 32.5m. In case of oversubscription the issuer’s sole owner, Management Financial Group AD, will offer additional up to 1 000 000 existing shares on 9 December with nominal value of BGN 1.00 at higher issue price of BGN 3.98. This puts the ceiling for the total offering to BGN 9.98m. The company plans to use the funds for investments in new companies and follow on investments in the existing portfolio companies.
The portfolio of MGF Invest includes stakes in Payhawk (71% of MFG Invest portfolio), eBag (15% of the portfolio), Boleron (6.5% of the portfolio) and 8 other companies with total portfolio share of 7.5%.