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Pomegranate Investment AB (publ) today announces the outcome for its offering of shares

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NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO ANY U.S. PERSON

Pomegranate Investment AB (publ) (“Pomegranate” or the “Company”) today announces the outcome of the share issues (the “Offering”) in accordance with the resolutions approved by the extraordinary general meeting held on 29 November 2021.

On 29 November 2021, the Company held an extraordinary general meeting in the Company (the “EGM”), whereby the EGM resolved on resolutions required to carry out the Offering. The Company today announces the outcome of the Offering, which is undertaken in order to enable the Company to invest more into its largest portfolio asset, as well as to make additional investments in other portfolio assets.

The oversubscribed Offering was mainly covered by existing shareholders with around 70 investors participating in total, with the vast majority coming from Sweden.

The Offering in brief

  • The price in the Offering was set at €20 per share, implying a pre-money valuation of ~€110 million based on the Company’s 5,489,394 shares outstanding before the Offering.
  • The Offering comprises 750,000 new shares, representing ~12% of the shares and votes in Pomegranate after the Offering.
  • The Company will receive gross proceeds from the Offering of €15 million through the issue of new shares.
  • The net proceeds from the Offering will be used to participate in a capital raise in Pomegranate’s largest existing portfolio company, as well as to make additional investments in other portfolio assets.
  • The total number of shares in Pomegranate will be 6,239,394 shares after the Offering, implying a post-money valuation of ~€125 million based on the Offer price of €20.
  • The Offering consisted of an institutional offering and a smaller shareholder offering with preference for existing shareholders.
     

Florian Hellmich, CEO, comments:

We are delighted with the outcome of the offering not only because of a very high participation and strong vote of confidence from existing shareholders, but also because this will strengthen Pomegranate’s position in our core high growth portfolio company and prepare us for the next stage in the Company’s journey.

Advisors

In connection with the Offering, Pareto Securities acted as sole manager and Vinge as legal adviser with regards to Swedish law.

About Pomegranate

Pomegranate Investment AB (publ) is based in Sweden and was founded in 2014 by a pioneering team with a long and successful track record of investing in high growth companies in emerging markets, particularly in the technology sector. Pomegranate is an investment company that has a strong position primarily in Iran’s consumer technology sector, which, with the easing of international sanctions, represents an extraordinary growth opportunity for European investors. We are entrepreneurs, we have invested in entrepreneurs and a significant proportion of our investors are entrepreneurs themselves.

This communication may not be distributed in the United States or to any “U.S. person”, including any U.S. citizen or permanent resident (‘green card holder’) or any entity organised in the United States, whether located inside or outside the United States. Pomegranate shares represent an investment in Iran that is not suitable for U.S. persons.

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