On 14 August, the software company eMan obtained permission from the Czech National Bank to enter the START market on the Prague Stock Exchange. The company intends to offer up to a 47 percent stake, i.e. up to 914k shares. Subscription price is set at 51 to 56 CZK per share.

It is possible to invest during the subscription period from 17 to 31 August through members of the Prague Stock Exchange. The IPO is also available to small investors at a minimum investment of appx. 25,000 CZK.

eMan Solutions, supplier of comprehensive software solutions to energy companies, industrial firms, banks, and car manufacturers, achieved a turnover of almost 170 million CZK last year. The IPO should bring an estimated 40 to 50 million CZK in new capital to the company. The money obtained would be used for further development, possible acquisitions, and repayment of bank loans.


Employees, funds, small investors show interest in shares

The company is owned by four partners who want to keep the controlling majority of 51 percent. In July, the company offered and successfully subscribed shares to appx. 20 employees at favorable terms before the IPO, representing a 2.3% ownership of the company. Thus, a maximum of under 47% of shares will enter the START market.


“We wanted to enter the stock exchange in June, but we decided to offer shares to employees and so the IPO was postponed by two months. We were pleased with the interest within the company. I believe that it will be similar for other investors during the subscription period,” says Jiří Horyna, co-founder and executive director of eMan.


“We have received numerous inquiries from the ranks of ordinary investors about our approaching entry into the START market. We register several tens of people who plan to invest from the 25,000 minimum up to hundreds of thousands of crowns. That pleasantly surprised us,” Horyna added. According to him, informal negotiations with several funds have been underway for a long time, which he perceives as very promising. “We believe in the success of our IPO. We have a lot to offer investors,” concluded Horyna.

Darling of the Czech stock exchange?

eMan is being helped in the IPO transaction by the Starteepo group, which has helped companies raise capital on the START market in the amount of 400 million CZK. The legal advisor to the IPO is the law firm Havel & Partners.


“We have no doubt that eMan will immediately become one of the darlings on the START market. One advantage is their long track record of increasing turnover and their clientbase of large Czech and multinational companies. Another is their recent, successful expansion into foreign markets, including the United States,” adds František Bostl, Director of the Starteepo Group.

Existing eMan customers include Škoda Auto, E.ON, Bohemia Energy, MND, Honeywell, Lesy ČR, ČSOB and ČEZ. The Czech company has been operating in the USA since 2018, when it opened a branch in Houston under the auspices of eMan Solutions LLC. In total, it employs almost 120 people.

All information for investors is found at the address:


Download version (docx., 43 kB)




Shares of eMan, a.s. are offered on the START market organized by the Prague Stock Exchange, a.s. (“START Market”) on the basis of the EU Growth Prospectus prepared on 14 August 2020, and approved by the Czech National Bank on 15 August 2020 (“Prospectus”). The prospectus was published here.

The approval of the Prospectus by the Czech National Bank should not be construed as a confirmation of the shares held by eMan, a.s. offered on the START market.

Potential investors should be properly acquainted with the Prospectus before making their investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in eMan, a.s.


Tomas Cermak
Member of the Board of Directors, eMan a.s. & CMO