African digital music platform Mdundo’s listing on Nasdaq First North Growth Market Denmark was oversubscribed by 111 percent, the company said in a statement.
It received subscriptions from 2,914 investors for a total of 8,428,731 shares.
“The company’s offering of up to 4,000,000 new shares at an offer price of DKK 10.0 per share was, thus, fully subscribed, which gives Mdundo.com gross proceeds of DKK 40.0 million and a market value of DKK 102.0 million,” Mdundo said in the statement.
Mdundo is a music service with over 40 Danish business angels as investors, with high growth focusing on the growing African market.
Mdundo.com shares will begin trading on the Nasdaq First North Growth Market Denmark on September 4 as “MDUNDO”, after completing its Capital increase with the Danish Business Authority on September 3.
The beginning of trading will require approval from Nasdaq Denmark following their application for admission.
“We have known from the beginning that we had a strong investment case, and the many investor conversations throughout the subscription period have reinforced us with this,” said Mdundo’s CEO Martin Nielsen.
“Despite only marketing the IPO in Denmark, we have received inquiries from investors in Sweden and the rest of the world. However, they have had limited opportunities to subscribe for shares,” he added.