LISBON (Reuters) – Portuguese educational toymaker Science4You intends to float shares worth as many as 15 million euros ($17 million) this year to stoke further expansion in the fresh sign that small technology firms may revive the country’s anemic IPO scene.
Science4You, which sells a majority of its products abroad, said on Thursday it wants to list shares amounting to around 45 percent of its capital – a variety of new shares and shares currently held by its owners – about the Euronext Growth market.
Euronext Growth offers small- and mid-sized companies market access with less stringent listing requirements and fees than the regulated market. Still guarantees protection to investors and it is according to the same pan-European trading platform because main Euronext cash market, enhancing liquidity.
Portugal’s IPO scene have been in a dry spell for some in history decade adopting the 2008 world financial meltdown and Portugal’s debt and economic woes in 2010-14, playing with July, fintech company Raize raised 5.5 million euros to be the earliest initial public offerer in almost five years.
Holding company Sonae canceled an IPO of shares to use food retail unit Sonae MC, valued at 1.65 billion euros, a few weeks ago, citing adverse market conditions.
Science4You made its announcement within the annual WebSummit, Europe’s largest technology conference being kept in Lisbon for that third time. The venue has placed the city and Portugal firmly about the world technology map, and helps to stoke a start-up boom.
Science4You makes educational kits for instance Soap Factory or Sweet Factory, various build-and-play models from dinosaurs to cars, robots, microscopes and small drones.
It has annual sales of well over 20 million euros, and offers its products both online via Amazon, via many outlets of major retailers like Target, Harrods and John Lewis.
“This operation will provide us better visibility and credibility … will help make our brand stronger, more recognized and competent at continuing innovation on this important global industry,” said CEO Miguel Pina Martins, adding that this firm was encountering “an important phase of internationalization”.
He expected the flotation prefer next few months.
Pina Martins told Reuters in 2017 he were going to keep boosting sales by over Thirty percent each year. The firm received Ten million euros in financing within the European Investment Bank not too long ago, also in 2015, it raised 7 million euros in investment capital.
($1 = 0.8764 euros)
(Reporting by Andrei Khalip; Editing by Adrian Croft)