Bulgaria’s IPO by Dronamics Capital 4.5 times oversubscribed

SOFIA, Bulgaria, Dec. 2 (SeeNews) – The initial public offering (IPO) of shares in Dronamics Capital, a company established to invest in Bulgarian cargo drone maker Dronamics, was oversubscribed nearly 4.5 times, the company said Bulgarian Stock Exchange (BSE) with on Thursday.

The company has fully raised the planned financing of nearly 6 million levs (3.5 million US dollars / 3.1 million euros) as part of the IPO on the BSE growth market BEAM for small and medium-sized enterprises (SMEs), the exchange said in a statement with.

Last month, Dronamics Capital announced that it would initiate an IPO of up to Levs 5.9 million on December 2nd by offering up to 5,334,081 Class B preferred shares at an issue price of Levs of 1.10 each. The company announced at the time that the IPO would be successful if at least 2,667,040 shares were subscribed and fully paid up.

Dronamics said this week that it will unveil The Black Swan, its advanced unmanned aircraft, on December 7th at Sofia Airport. The Black Swan aircraft can carry up to 350 kg of cargo over a distance of up to 2,500 km at up to 80% lower cost than any existing aircraft and can operate from unpaved runways up to 400 meters in length, the company said .

Dronamics was founded in 2014 by the Rangelov brothers Svilen and Konstantin. According to the Bulgarian Commercial Register, Dronamics and Dronamics Capital are both 100% owned by the British Dronamics Global Limited.

The BSE’s Bulgarian Business Accelerator Market (BEAM) was created with the aim of enabling small and medium-sized enterprises (SMEs) to apply for a listing using a simplified procedure compared to the regulated market.

(1 euro = 1.95583 lev)

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