According to Capital & corporate in its annual report, the MAB (alternative stock market for SMEs) has maintained the levels of activity of 2011 with €8.5 million from 5 new incorporations and just over €30 million in 6 capital increases.
5 new incorporations with €8.5MM raised
The first to join the list of the alternative was Bionaturis, through an IPO and an IPO, representing 30% of its capital, with which it will
raised €2M. Carbures followed in its footsteps and managed to raise €2M by listing 16% of its capital through an IPO. With the aim of becoming a virtual mobile operator, Ibercom did the same, going public through an IPO valued at €2.5M and also representing 16%. A small part of this financing was used to buy 78.4% of Comymedia Productos y Servicios. The fourth company to join the MAB was Suávitas, then owned by Valcapital. The company was listed with the established minimum of €2M, representing 29.4% of its capital. It thus became the first company owned by a private equity fund to go public. Finally, on 21 December, 1nkemia followed suit and became the last MAB listing of 2012. The company's 100% was listed through a listing process that valued the transaction at €16.75M.
"The MAB has done a remarkable job in promoting its offer. Despite this, the result has been limited to 5 new companies on the alternative market. We believe that one of the main obstacles is the high cost required to carry out the whole process. The SME needs to hire a registered advisor, a liquidity provider, an underwriter, as well as lawyers and auditors" says Diego Gutierrez of ABRA INVEST expert in corporate finance for SMEs.
Most of the new funds raised (€30 million) were for capital increases in already listed companies.
However, of the €40m raised in 2012, most went to capital increases in already listed companies. This was the case of AB Biotics, Eurona Wireless Telecom, Medcom Tech, Carbures, Secuoya and Let's Gowex, whose total amount exceeded €30M. The latter has become the largest capital increase registered on the MAB since its inception in 2009 and represents the third financing transaction of the company since its listing in 2010. Let's Gowex has announced the final execution of this €18M round, at no discount to the market.
"The majority of the transactions are either expansion transactions in companies that have recently entered the market or in companies that were already listed. This year, the Inkemia deal is the only one that has involved the listing of 100% of the company's shares through a listing process. In this way, all shareholders will have access to the liquidity market," says Diego Gutierrez.