Webit Investment Network saw its stock close at 1.22 levs, or 16.67% above its IPO price

Webit Investment Network saw its stock close at 1.22 levs, or 16.67% above its IPO price

Bulgaria-based investment platform Webit Investment Network, or WIN, [BUL:WIN1] saw its stock close at 1.22 levs, or 16.67% above its initial public offering (IPO) price, in its trading debut on the Bulgarian Stock Exchange (BSE) on Tuesday, bourse data showed.

Shares in the Sofia-based investment company reached an intra-day high of 1.245 levs, with 199,913 units changing hands at an average price of 1.16 levs on the Bulgarian Enterprise Accelerator Market (BEAM) segment of the BSE.

The closing price values the company at some 7.2 million levs ($3.9 million/3.7 million euro), after the company issued nearly 5.9 million shares.

In early June, WIN raised around 5.8 million levs in an offering which was priced at 1.05 levs apiece and was 2.4 times subscribed.

Last week, Bulgarian parliament decided to increase the maximum amount of funds that a company can raise on the BEAM segment to 8 million euro ($8.46 million) from 3 million euro.

WIN was set up to invest in technology start-ups and scale-ups that are chosen as finalists of the Founders Games, the growth programme of the Sofa-based Webit Festival.

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