The FINANCIAL -- Euronext today announces the successful completion of MyBest Group’s listing on Euronext Growth, an omnichannel platform which allows people to save on utility bills. The first trading day is expected on 10 September 2018, following a €3.4 million private placement.
MyBest Group was founded in 2003 in the wake of the major revolution linked to the liberalisation of the former state monopolies. Based in Milan, the Group offers a multi-channel service in the Utility and the
E-commerce industries, with an established network of specialised consultants and operators trained and prepared to offer advice and savings. MyBest Group can rely on 15 years of successful partnership with market leaders (mainly utilities providers focused on Energy and Telco such as Eni, Tiscali, Sky, Vodafone, etc.) using commerce integration and the latest technologies.
The switching economy’s turnover is worth €250 billion annually in Italy alone, €2,000 billion in Europe and over €6,000 worldwide. In 2013, as many as 63% of Italians changed at least one provider.
MyBest Group’s listing is consistent with Euronext’s strategy to assist Tech companies in developing their businesses on a larger scale through capital markets. Euronext is the primary venue for Tech SMEs in Europe with nearly 350 issuers, representing a total market capitalisation close to €70 billion, and over 750 active tech investors.
MyBest Group (ticker symbol: ALMBG) will be listed on 10 September through the admission to trading and direct listing of 6,668,619 ordinary shares, at a fixed price of €5.07 per share. The company will be admitted on the private compartment of Euronext Growth in Paris.
The last capital increase was closed on 26 July 2018 and amounted to approximately €2.5 million raised among several investors. In the meantime, two bond loans issued in 2015 and 2017 were converted, firstly to increase the free float, and secondly to strengthen the company’s shareholder equity.
The €2 million bond issued in 2015 was converted with a 30% discount on the listing price and a 12-month lock-up period.
The €3 million bond issued in 2017 was converted with a 15% discount on the listing price and without a lock-up period.