FOM IPO oversubscribed more than 7 times

Jun 22, 2020

IPO rocket

The response has been overwhelmingly positive for FOM Technologies’ offering of DKK 16 million worth in new shares.

With a total of 4.099 investors subscribing for a value of more than DKK 130 million, the company’s initial share offering has been oversubscribed by a staggering 718 %. Due to this excessive oversubscription, it is only possible to allocate shares to 2.324 investors in total. FOM Technologies CEO, Michael Stadi, has issued the following statement:

“Throughout the offering period, the interest in FOM Technologies has been quite significant. We are delighted and humbled by the overwhelming feedback and engagement we have received from investors, including insightful questions and discussions about our technology and strategy during all of our online webinars. We have received the necessary capital to strengthen sales, boost global PR/Marketing activities, and enhance our supply chain, R&D  and innovation initiatives. We must now do our utmost to live up to the strong confidence that many new shareholders have shown us. We will do this by continuously striving to deliver the results we have promised the market. We look forward to being a NASDAQ listed company and we give our sincere thanks for the support of our many new shareholders.”

A summary of the offering is provided below:

  • FOM Technologies has issued 1.851.852 new shares at an offer price of DKK 8,64 per share. This has yielded a gross proceed to the Company of DKK 16 million.
  • Shares have been allocated to 2.324 share accounts.
  • Based on the offer price, FOM Technologies’ market value after completion of the Offering is DKK 64 million.
  • Free Float (the share of share capital owned by the new shareholders) is 22,33%.
  • Due to the great interest in the Offering, it has been necessary to reduce wishes for share subscription.
  • All subscription orders up to 1.160 shares (corresponding to a market value up to DKK 10.022) will not be allocated shares.
  • All subscription orders over 1.160 shares (corresponding to a value above DKK 10.022 and up to a  value of DKK 150.000) will be allocated 450 shares.
  • All unique private subscription orders over DKK 150.000 have been allocated 1.500 shares.
  • All unique company subscription orders over DKK 150.000 have been allocated 1.500 shares.
  • All pre-subscription investors have been fully allocated shares.
  • Following the completion of the Offering, FOM Technologies’ share capital will be increased from DKK 555.556 to 5.555.560 shares of nominal DKK 0,10 for share capital of DKK 740.741,2 divided into 7.407.412 shares at a nominal value of DKK 0,10.