Ukrainian deftech startup Swarmer, which develops software for drone swarms, announced the completion of its initial public offering. At the time, the share price increased from $5 to $64.
Ukrainian deftech startup Swarmer, which develops software for drone swarms, announced the completion of its initial public offering. At the time, the share price increased from $5 to $64.
Business Wire reports that 3,450,000 newly issued common shares were traded in the IPO. Underwriters fully exercised their option to purchase an additional 450,000 common shares at a price of $5.
The shares are listed on the Nasdaq Capital Market under the ticker symbol SWMR. They are currently priced at $55 and have a P/E of 11. Swarmer’s net proceeds from the IPO, after deducting underwriters’ discounts and fees and estimated offering expenses, were approximately $14.7 million.
The company intends to use the net proceeds to fund ongoing operations, including expanding capabilities and product offerings, hiring employees, and integrating with drone manufacturers' hardware.
«Ukraine is the leading combat laboratory in the world. Ukraine has a lot of phenomenal defense technology that needs to get to the West quickly, properly, and in large quantities,» said Eric Prince, founder of the private military company Blackwater, who is on the board of directors of Swarmer.
According to Bloomberg, Swarmer had the most successful Nasdaq IPO since the listing of American media company Newsmax. The Ukrainian company’s capitalization reached $702 million.
