>>44588102>>44588144I will just copy paste what I find :
''TL;DR
- Yes, this is an IPO
- Cover is listing at least 25% of their shares on the market
- They have a total of 230 million
- 59 million have been issued so far
- They are issuing 1.5 million more once they are listed.
- some of thier existing investors are cashing out and selling approx 11 million shares combined
——
I’m seeing people say that this isn’t an IPO and that it’s only a Series B funding round.
Series B is a venture capital funding round ie, Private Investors.
The very fact that Cover is listing on the TSE and that it is it’s first time publicly listing means this is a IPO.
An IPO doesn’t necessarily involve all issued shares being up for grabs, all it means is that privately owned shares are converted into publicly owned shares able to be traded.
There’s two of a few pathways for a company to be listed on a stock exchange,
The first one is “Direct Listing”, the function of this is that the company only offers up existing shares on the market.
The second is the more known IPO or “Initial Public Offering”. This method involves both newly issued shares and existing shares. There’s a distinction to be made here, as newly issued shares dilute the overall share pool available.
In this case, Cover is offering 1.5 million newly issued shares in their initial public listing, alongside a further 12 million existing shares.
Cover in total authorises 230 million shares to be issued, and amongst private investors, 59 million have been issued so far.
EDIT:
The 230 million shares “authorised” is defined in the company’s charter/articles of incorporation.
This is their legally defined limit unless the limit is changed during a shareholder meeting.
So far, 59 million shares have been issued.
The Growth Market requires companies to issue at least 25% of their authorised shares to be listed.
EDIT 2:
The offering is split into Public and Secondary Offerings
The public offering is the 1.5 million shares upon listing on TSE.
The secondary offering is further split into two groups.
“Underwritten” & “Over-allotment”
Underwritten Secondary Offerings are the shares held by the private investors becoming open to the market. This means profits from the Underwritten Secondary Offerings go to the investors selling.
There are approximately 11 million shares that will be offered by existing investors.
Over-allotment Secondary is a buffer for the primary offering. This allows the share issuer to issue further shares of demand for the IPO is high.
There are 1.8 million shares authorised for over-allotment.
also reason Cover is doing IPO is to build a largest mocap and 3d studio, 5-6 times bigger than their old one''
it's IPO but Cover isnt retarded like enikara doing IPO for pump and dump for Riku yacht, they have actual goal. We'll see how it will affect their underperforming branch especially holostars.
