RO tech and education firm Bittnet Group raises EUR 2 mln in capital increase

Romanian IT company Bittnet Group has raised over RON 9 million (nearly EUR 2 mln) from investors by selling new shares on the Bucharest Stock Exchange.

The operation was carried out in two stages, which took place in March and April 2020.

During these two months, 11 million new shares (out of 116.2 mln total shares as of April 10) were offered and subscribed by investors.

The subscriptions were made by 51 investors, natural and legal persons.

Bittnet was founded in 2007 by brothers Mihai and Cristian Logofătu and initially focused on providing IT training and subsequently it launched an IT&C integration division after a few years.

The company was listed on the AeRO market of the Bucharest Stock Exchange in April 2015, following a capital infusion from the Polish pre-IPO fund Carpathia Capital.

From its listing in April 2015 to today, Bittnet has managed to attract around EUR 10 mln by capital increases, bond issues, and the distribution of accumulated profits in the form of shares.

The company’s market capitalisation on April 10 was RON 103 mln (EUR 21.3 mln).

(Photo: Bittnet Facebook Page)