Cuatroochentra's capital increase prior to its incorporation into BME Growth has been a success. The Share Subscription Offer (SSO) of 2.5 million euros was covered in just 24 hours and the purchase requests reached six times more than the offer, meaning which the company was forced to close the order book earlier than expected. The Castellón-based technology company began its listing in October with a price per share of 9.35 euros for a total valuation of 20.8 million.
After receiving approval to move to BME Growth with the publication of the Informative Document of the Incorporation to the Market (DIIM) on Thursday, September 24, Renta 4 –registered advisor and liquidity provider – opened the order book to assign 267,000 shares of the capital increase at a price of 9.35 euros each. By the following day, Friday September 25, at noon, the demand had already been covered, which forced the closing of the placement to be brought forward, initially being scheduled for October 2. Finally, the Board of Directors met last Monday to carry out the prorated allocation of the 1,100 requests with an over-demand that exceeded the Subscription Offer by six-fold, close to 16 million euros.
Once the disbursement had been made, Cuatroochenta provided an addendum to the DIIM to update the information on its entry to the market with this capital increase and its exit valuation, thus beginning the countdown to becoming a listed company after three years of preparation in the pre-market environment. In compliance with its strategic plan, the funds will be used to finance the acquisition of companies that complement its current offering of products and services.
Lock-up clause
It should be noted that Cuatroochenta’s three main shareholders rely on a share maintenance clause: one year in the case of the company's founders, Alfredo R. Cebrián (CEO) and Sergio Aguado (CTO); and six months for the Chairman of the Board of Directors, Vicente Montesinos (through the World Wide Networks family office). Cebrián and Aguado, both CEOs (36 and 38 years old, respectively), are directly involved in the management and R&D of the technology company.
The profitability of Cuatroochenta has been constant since its founding in 2011 at its headquarters in Castelló. In the first half of 2020, its turnover increased by 23.4% despite the context of the Covid-19 crisis. Its forecasts for year close are to generate revenues of 7 million euros, which would mean an annual growth of 20%, maintaining EBITDA at 18%, with 1.2 million, despite non-recurring expenses for joining BME Growth.
Results
