Selvita raised over EUR 20 million in a follow-on public offer

  • Selvita successfully allotted 2.38 million of C series shares, raising EUR 20.6 million from investors.
  • It is the second largest transaction in terms of capital raised, on the Warsaw Stock Exchange this year.

As part of the Follow-On public offering of shares, investors could buy up to 2.38 million shares of the new C series, which constitutes about 15 percent of the current company’s share capital.

The issue price of the shares was set at PLN 38,00. Selvita has achieved in full its intended goal regarding capital raise that was presented in the strategy published together with the announcement of the shareholders’ meeting.

The capital raised will allow the company to execute the development strategy adopted for the upcoming years which assumes that in 2023 it will be able to achieve over EUR 70 million in revenues at a stable EBITDA margin and as a consequence reach a market cap of over EUR 230 million.

The proceeds from the share issue will be used mostly on acquisitions of selected European CROs (app. 16 million EUR), and the reminder of the proceeds will be devoted to further organic growth of Selvita.

Selvita, interested in acquisitions

Selvita is interested in companies which will either complement the current offering, or will allow for the expansion of its scale of operations.

In terms of the qualitative criteria for choosing the acquisition target, Selvita will favor entities supplementing their portfolio of services in the area of drug discovery or regulatory studies.

By the end of 2023, the company intends to execute three acquisitions, with the first one taking place this year.

Over the next three years, the Company plans to invest EUR 35-50 million in the acquisitions.

Selvita Research Center to be finalized at the turn of 2022 and 2023

As a key element supporting further organic growth, Selvita strategy includes establishment of the Selvita Research Center, with a research space of 4,000 m2.

With the completion of the new Center, Selvita will have in aggregate 10,000 m2 of research space available.

Initiation of the investment is planned for next year and expected to be finalized at the turn of 2022 and 2023.

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