The funding was brokered by BRK Financial Group, and the collected subscriptions within the 8.8 million new shares with a nominal value of RON0.1/share and a subscription price of RON0.56/share funding round showed an oversubscription rate of 3.65 times.
A subsidiary of BRK Financial Group, Firebyte Games is the first mobile gaming developer in Romania to be listed on the AeRO market in the next period. The capital attracted from investors will be used to develop the company with two new business lines.
“Given our mission to increase the capital market in Romania, we are pleased to see more and more investors willing to invest in private placements, thus taking part in the first stages of a company listing,” said Monica Ivan, general manager of BRK Financial Group, the only broker listed on the Bucharest Stock Exchange.
Firebyte Games SA, by attracting a funding tranche, took an important step towards listing and aligning with corporate governance practices today. The company has an ambitious development plan for the next period, and the stock market will play an important role in financing and developing the company.
Firebyte Games had a turnover of RON7.3 million and a net profit of RON243,435 in 2019, the most recent available data.
Firebyte Games CEO Ovidiu Stegaru told Ziarul Financiar in an interview the company didn’t plan to pay any dividends in the next period and fund development instead. He said the company had operating revenues of RON1.5 million in 2020 and targets over RON11 million in 2021.
He said the gaming company would be listed on the stock market within two months of closing the private placement, thus a listing is expected in mid-April.