Relationships with debuts
New listing of INCUVO S.A. on NewConnect
The company INCUVO S.A. was newly listed on NewConnect on 13 January 2021.
INCUVO S.A. is the 374th company listed on NewConnect and the second new listing on NewConnect in 2021.
Key information
|
company name |
INCUVO S.A. |
|
seat |
Katowice |
|
core business |
Incuvo S.A. is active in the video game industry and specialises in the production of virtual reality (VR) games and game porting to VR platforms. |
|
new listings on NC in 2021 |
2 |
|
companies on NC |
374 |
|
business sector |
Gaming |
|
companies in the sector |
40 |
|
offering/sale |
Public offering: 1,333,335 series D shares |
|
offering/sale value |
Series D shares offering value: PLN 2,800,003.5 |
|
issue/sale price |
Series D shares issue price: PLN 2.10 |
|
reference price |
PLN 2.10 |
|
company valuation* |
PLN 29,997,460.5 |
|
value of introduced instruments* |
PLN 27,412,843.5 |
|
% free float (under 5% of shares subject to the application) |
27.37% |
|
free float value |
PLN 7,505,801.1 |
|
% free float (under 5% of all shares) |
26.33% |
|
free float value* |
PLN 7,896,569.1 |
|
Authorised Advisor |
INC S.A. |
*as at the reference price of PLN 2.10
The Issuer’s history and business
Incuvo Sp. z o.o. was founded in 2011 by former managers of City Interactive S.A.: Wojciech Borczyk, Jakub Duda and Wrocławskie Centrum Badań EIT+. The fund Giza Polish Ventures invested in the Company in 2012. When Wrocławskie Centrum Badań EIT+ sold its stake, a group of private investors joined the Company in 2013 and the Company’s key employees in 2014. Incuvo Sp. z o.o. was transformed into a joint-stock company in 2016. The Issuer’s core business since inception has been video game production. Until 2018, the Company focused on the production of mobile games. When OU Blite Fund took control of the Company, the strategy changed in 2019, focusing on virtual reality (VR) games.
Selected financials of the Issuer and the Issuer’s Group (PLN):
|
|
Q3 2020** |
Q1-3 2020* |
31.12.2019* |
31.12.2018* |
|
Equity |
3,791,208.14 |
4,323,433.18 |
1,417,621.84 |
1,916,593.15 |
|
Non-current liabilities |
0.00 |
0.00 |
0.00 |
0.00 |
|
Current liabilities |
325,481.02 |
273,412.44 |
468,592.56 |
161,820.04 |
|
Total assets |
5,044,339.45 |
5,114,868.65 |
2,517,104.45 |
2,552,356.66 |
|
Net sales revenue |
562,737.59 |
1,416,796.31 |
826,700.33 |
386,338.19 |
|
Net profit |
(635,301.19) |
(690,412.32) |
(523,672.14) |
(868,332.75) |
|
Total net cash flows |
2,021,422.82 |
2,160,784.73 |
(195,383.00) |
(269,908.11) |
|
Cash – closing balance |
2,394,937.99 |
2,252,682.70 |
91,897.97 |
287,280.97 |
*the Issuer’s stand-alone numbers
**consolidated numbers of the Issuer’s Group after taking control of Spectral Games S.A. and Spectral Applications Sp. z o.o. in Q3 2020
Public offering of series D shares
Subscription start date: 15.06.2020
Subscription end date: 30.06.2020
Allotment date of the series of shares: 30.06.2020
Number of series D shares in the subscription: no more than 1,333,335
Number of series shares allotted in the subscription: 1,333,335
Price of the shares: PLN 2.10
All shares of the series were paid in cash.
Number of entities allotted the shares: 109 natural persons and 7 legal persons
Offering value: PLN 2,800,003.50
Shareholders (all of the Issuer’s shares)
|
Shareholder |
Number of shares |
Stake in votes (%) |
Stake in the share capital (%) |
|
OU Blite Fund |
7 001 056 |
49.01% |
49.01% |
|
Andrzej Wychowaniec |
1 658 060 |
11.61% |
11.61% |
|
Marcin Kozerski |
1 044 690 |
7.31% |
7.31% |
|
Radomir Kucharski |
820 428 |
5.74% |
5.74% |
|
Other |
3 760 271 |
26.33% |
26.33% |
|
Total |
14 284 505 |
100.00% |
100.00% |
The Issuer’s share capital according to the entry in the business register is PLN 7,142,252.50 divided into 14,284,505 ordinary bearer shares with a nominal value of PLN 0.50 per share including:
- 2,582,400 series A ordinary bearer shares,
- 9,138,000 series B ordinary bearer shares,
- 1,230,770 series C ordinary bearer shares,
- 1,333,335 series D ordinary bearer shares.
The application for introduction covers series A, B and D shares.