The initial public offering (IPO) of Dronamics Capital, a company established to invest in Bulgarian cargo drone manufacturer Dronamics, was oversubscribed almost 4.5 times, the Bulgarian Stock Exchange (BSE) said on December 2.
In the IPO, held on the Sofia bourse’s Bulgarian Enterprise Accelerator Market (BEAM), the company raised BGN6mn (€3.1mn), in line with the target.
Dronamics Capital said it would offer up to BGN5.9mn on December 2 by offering up to 5,334,081 preference, class B shares for an issue price of BGN1.1 per share. The IPO was to be considered successful if at least 2,667,040 shares were subscribed and fully paid for.
Meanwhile, Dronamics has announced plans to present The Black Swan, its advanced unmanned airplane, at Sofia Airport on December 7. The Black Swan aircraft can carry up to 350 kg of cargo at a distance of up to 2,500 km at a cost up to 80% lower than any existing aircraft.
In July, Dronamics signed a partnership agreement with DHL to jointly develop solutions and offer same-day cargo drone deliveries to customers using the drone delivery network and Black Swan drones from Dronamics.