Brazil’s Bemobi Mobile, an app subscription club, handle around BRL 1,26 billion in its initial public offering (IPO). Each share was BRL 22.00.
According to information available on the website of the Securities and Exchange Commission (CVM), the sale of new shares totaled BRL 1.09 billion, while the company’s shareholders sold the equivalent of BRL 164.1 million, totaling BRL 1.258 billion.
READ ALSO: Rappi, Loggi, and B2W Digital: What changed in e-commerce logistics in Brazil after COVID-19
The company stated that it will use the proceeds from the primary offer to pay obligations related to a corporate reorganization, pay dividends due for previous years, and to buy assets.
The company, which has been part of the Norwegian group Otello Corporation since 2015, generates revenue by selling subscriptions to the club, in partnership with telephone operators, developers, and content providers. The company has 200 content partners, including Disney, Rovio, Viacom, and AngryBirds.
READ ALSO: Rocket.Chat, an Brazilian open-source communication platform, raises $ 19 million
At the end of September, Bemobi had 34.6 million subscribers in 37 countries and partnered with 70 mobile operators. In addition to content subscriptions for cell phones, the company sells microfinance and messaging services.
In addition to the headquarters in Rio de Janeiro, Bemobi has offices in Ukraine, Norway and India, and employees in the Philippines, Indonesia, South Africa, Bangladesh, Vietnam, and Pakistan. About 42% of the company’s revenue comes from international operations.
Translated by LABS.