Investment in information technology businesses company INVL Technology starts placement of more than EUR 20 million new share issue. On Monday the Bank of Lithuania approved the new share issue prospectus.
Investors are offered 13.885 million of new ordinary registered shares, with minimum price set at 1.56 euro per share, and maximum at 1.96 euro. The subscriptions of retail investors to purchase the shares will be accepted from 10 till 26 June 2015 via the lead placement agent Bank Finasta, AB (www.finasta.com). The subscriptions of institutional investors and investors, placing the orders for more than EUR 50 thousand, will be accepted until 3 July 2015. It expected that the final share price will be announced on 7 July and that trading in the newly issued shares on the NASDAQ Vilnius Stock Exchange will also start in July.
“After the new share issue, we plan to devote our full attention to new acquisitions. We are looking for business-to-business or business-to-government oriented companies that want to grow in the local markets as well as expand in East Africa and Southeast Asia”, – said Kazimieras Tonkūnas, director of INVL Technology.
In the near future INVL Technology intends to apply for a closed-end investment company (UTIB) license at the Bank of Lithuania and in its essence to become similar to an investment fund. After receiving the license, the company, unlike traditional private equity funds, will maintain liquidity, as it will remain listed on the NASDAQ Vilnius Stock Exchange.
INVL Technology-owned companies consistently improved their results in 2014. Combined revenue increased by 14 per cent in 2014 and reached EUR 16.7 million. Earnings before interest, tax, amortization and depreciation (EBITDA) – increased by 39 per cent to EUR 1.8 million.
Currently, the most significant investments of INVL Technology are companies in Lithuania, Norway, Tanzania and Uganda – NRD Group, operating in the field of business climate improvement and e-governance, critical IT infrastructure services company BAIP and cyber security company NRD CS. Companies operate as a cluster and implement common projects in more than 50 countries worldwide.