Mdundo.com's offer oversubscribed by 111%
Mdundo.com's offer of DKK 40.0 million new shares have been positively received by both professional and private investors, who have subscribed for a total of DKK 84.3 million, corresponding to the offer being oversubscribed by 111%. It has therefore been necessary to reduce the subscription orders.
Company announcement no. 2-2020
Mdundo.com A/S today announces the result of the offering of new shares in connection with admission to trading on Nasdaq First North Growth Market Denmark, cf. company announcement no. 1-2020 of 17 August 2020 and the company description, which was also published on 17 August, 2020.
CEO Martin Nielsen, Mdundo.com: "We have known from the beginning that we had a strong investment case, and the many investor conversations throughout the subscription period have reinforced us with this. Despite only marketing the IPO in Denmark, we have received inquiries from investors in Sweden and the rest of the world. However, they have had limited opportunities to subscribe for shares. We are therefore now looking forward to investors outside Denmark also being able to trade the share from Friday and onwards".
The tender was closed as scheduled on 28 August at 23:59. Mdundo.com has received subscriptions from 2,914 investors for a total of 8,428,731 shares. The company's offering of up to 4,000,000 new shares at an offer price of DKK 10.0 per share was, thus, fully subscribed, which gives Mdundo.com gross proceeds of DKK 40.0 million. and a market value of DKK 102.0 million.
The first day of trading on Nasdaq First North Denmark is expected to be 4 September 2020 under the symbol "MDUNDO".
Summary of the Offering:
- Mdundo.com issues 4,000,000. new shares at an offer price of DKK 10.0 per share, with gross proceeds of DKK 40.0 mill.
- Shares have been allotted to 2,459 depots.
- Based on the offer price, Mdundo.com's market value after completion of the offer is DKK 102.0 million.
- Free float is 75%.
- Due to the great investor interest in the offer, the following allocation has been made:
- Orders up to 500 shares have not received any allocation of shares.
- All orders from and including 500 shares and up to and including 25,000 shares have received 500 shares and 28.4% of the order exceeding 500 shares.
- All orders over 25,000 shares have been allotted on an individual basis at the discretion of the Company and its Certified Adviser.
Additional information
Registration of the capital increase in the Danish Business Authority is expected to take place on 3 September 2020. The first day of trading day on Nasdaq First North Growth Market Denmark for the company's shares is expected to be 4 September 2020, under the symbol “MDUNDO” and ISIN DK0061286101. The admission to trading presupposes that Nasdaq First North formally approves the application for admission of Mdundo.com's shares to trading on Nasdaq First North Growth Market Denmark. Danske Bank is the settlement agent in connection with the offering.
Further information:
CEO, Martin Nielsen
Tel.: +45 93 94 40 55
Email: martin@mdundo.com.
Chairman of the Board, Jesper Drescher
Tel.: +45 23 22 99 00
Email: jesper@mdundo.com
Mdundo.com A/S
Jagtvænget 2
2920 Charlottenlund
Denmark
www.mdundo.com
Certified Adviser
Kapital Partner
Jernbanegade 4
1608 Copenhagen
Denmark
Tel. +45 8988 7846
www.kaptalpartner.dk
Contacts
About Mdundo.com A/S
Mdundo is a leading music service for Africa with millions of people streaming and downloading music from our app and website every month. We aim to provide Africa’s millions of internet users with easy access to music whilst contributing structure, legality, and income to the sector. More info: https://mdundo.com/
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