ICF creates €10-millions fund to help Catalan companies go public on MAB
The fund Capital MAB, FCR will cover up to 20% of the capital to be raised, with a maximum of €1 millions.
By Biocat
The Catalan Finance Institute (ICF) presented today the new venture capital fund Capital MAB, FCR to encourage Catalan companies to participate in the Alternative Stock Market (MAB). The capital initially earmarked for this initiative is €10 millions, which will go to co-finance, together with other investors, the initial public offering of companies that decided to trade shares on the MAB or capital increases for those that already do so. Specifically, the fund will cover up to 20% of the capital to be raised, with a maximum of €1 millions.
The presentation took place at the Barcelona Stock Exchange and featured Secretary of Economy and Finance Albert Carreras, Managing Director of the ICF Josep Ramon Sanromà, President of the MAB Antoni Giralt, and Director of Capital MAB, FCR Emili Gómez. By creating this fund, the ICF and MAB hope to build confidence among traders and facilitate the raising of capital, so that companies with a high potential for growth can improve their competitive positioning in the market. In addition to its backing as an institutional investor, the ICF will also support the management teams in participating companies and will provide them access to a network of national and international contacts. Management of the Capital MAB, FCR fund will be carried out by ICF Capital, the ICF Holding venture capital management body. This instrument is the first initiative of its kind in Spain, as, although other autonomous communities offer grants for companies that decide to go public or tax incentives for investors that purchase shares of companies traded on the MAB, never before had a fund been created to directly finance initial public offerings or capital increases on the Alternative Market.
Eighteen Spanish companies are currently traded on the MAB, five in the biotechnology and pharmaceutical arena. The only biotechnology company based in Catalonia is AB-Biotics, which went public in July 2010.
Today at 6 pm, the symposium MAB: How to effectively finance growth in biotechnology companies will be held at the Barcelona Stock Exchange.