Bulgaria capitals

Dronamics Capital’s IPO in Bulgaria is 4.5 times oversubscribed


SOFIA (Bulgaria), December 2 (SeeNews) – The initial public offering (IPO) of shares in Dronamics Capital, a company set up to invest in Bulgarian cargo drone maker Dronamics, was almost 4.5 times oversubscribed, has declared the Bulgarian Stock Exchange (BSE) on Thursday.

The company raised the entire planned funding of nearly 6 million levs ($ 3.5 million / € 3.1 million) during the IPO staged in the small and medium growth market BSE companies (SMEs), BEAM, the exchange said in a statement.

Last month, Dronamics Capital announced that it would launch an IPO of up to LE 5.9million on December 2 by offering up to 5,334,081 Class B preference shares for an issue price of 1.10. raised each. The IPO will be considered successful if at least 2,667,040 shares are subscribed for and fully paid for, the company said at the time.

Dronamics said earlier this week that it will unveil the Black Swan, its advanced unmanned aircraft, at Sofia Airport on December 7. The Black Swan aircraft is capable of carrying up to 350 kg of cargo at a distance of up to 2,500 km up to 80% lower cost than any existing aircraft and can operate from non runways. cobblestones as short as 400 meters, the company said.

Dronamics was founded in 2014 by brothers Rangelov Svilen and Konstantin. Both Dronamics and Dronamics Capital are 100% owned by UK-based Dronamics Global Limited, according to data from the Bulgarian Commercial Register.

The Bulgarian BSE Business Accelerator Market (BEAM) was established with the aim of enabling small and medium-sized enterprises (SMEs) to apply for registration under simplified procedures compared to the regulated market.

(1 euro = 1.95583 lev)