eMan, the Czech custom software development firm, today successfully sold subscriptions for shares worth 46.6 million CZK on the Prague Stock Exchange. On the START market, the company sold subscriptions for a total of 914,000 shares at the price of 51 CZK, and thus became the seventh company to be traded in the segment of small and medium-sized enterprises. The great interest in shares was also confirmed by the total number of orders, which amounted to 1.93 million shares, and thus exceeded the offer by 111 percent.
Eman´s great success on the prague stock exchange – interest in shares exceed all expectations [press release]
eMan, supplying comprehensive software solutions to energy companies, industrial firms, banks, and car manufacturers, achieved a turnover of almost 170 million CZK last year, employing almost 120 people. Through the IPO, investors valued the company at 100 million CZK. The money raised will be used by eMan for further development, possible acquisitions, and for the partial repayment of bank loans.
Success for eMan and the Prague Stock Exchange
The majority owners, who will continue to control more than 51 percent of the company, include the four original founders, headed by CEO Jiří Horyna. More than 2 percent of the shares are held by the company’s employees, and about 47 percent are made up of new shareholders, from various funds to small investors.
“We are very pleased with the great interest in our shares. We thank all investors for the trust they have placed in us, and they can be sure that we will definitely not disappoint,” said Jiří Horyna, CEO of eMan.
The Prague Stock Exchange is also happy with the newly listed company. “The successful entry of eMan is great news in terms of diversifying the entities traded on our market. It is the first company in the IT segment,” said Petr Koblic, CEO of the Prague Stock Exchange.
From left: Jiří Horyna, eMan CEO, and Petr Koblic, Gen. Manager, Prague Stock Exchange
Not everyone got theirs
eMan announced its entry on the stock exchange in April. The shares were then offered in the form of an auction on the START market from 17 August until noon today, 31 August. The STARTEEPO group advised on the transaction, with legal services provided by the law firm HAVEL & PARTNERS.
„Vzhledem k tomu, že objednávky přesáhly počet nabízených akcií o 111 procent, došlo tak ke značnému krácení investorů. Ti, kteří by chtěli realizovat svoji investici v plné výši, budou mít možnost si dané akcie dokoupit na sekundárním trhu,“ upozorňuje František Bostl ze STARTEEPO.
“Due to the fact that the orders exceeded the number of shares offered by 111 percent, there were fewer shares available for interested investors. Those who would like to capitalize on their investment in full will have the opportunity to buy shares on the secondary market,” remarked František Bostl from STARTEEPO.
The shares will be traded on the open market for the first time on Friday, 4 September, on both the START market of the Prague Stock Exchange, and the RM-System stock exchange operated by Fio banka. Due to the tremendous interest of its clients, Fio banka decided to dually list the eMan shares on its RM-System. The shares of the shoe manufacturer Prabos and the leather plant Karo are similarly traded on both exchanges.
“It is clear that an interesting growth story in a promising sector has created a highly attractive mix for domestic investors against the background of an ongoing technological boom overseas. Based on the extraordinary result of the IPO, I expect great interest in this company from investors in secondary trading,” added David Lamač, Head of Sales for Fio banka.
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