Gigas to raise €4.1m in €13.8m IPO

The flotation, which took place on 3 November, will only feature newly issued shares. At an opening price per share of 325 cents, the package represents €4.1m in potential proceeds for Gigas.

Speaking to unquote", sources close to the situation indicated that none of the VC houses backing Gigas will be divesting their stakes as part of the flotation.

The shareholders, which came in after a series of rounds between 2011 and 2014, include Caixa Capital Risc, which currently holds an 11.19% interest in the business. The VC is followed by Bonsai Venture Capital and Cabiedes & Partners, controlling a respective 10.58% and 7.62%.

The software developer, valued at a €13.8m market cap, will use the funds from the listing to reinforce the commercial team around its flagship product Cloud Datacentre. Already present in Spain, the UK and America, the business plans to bolster activity in those markets and enter additional ones.

Growth is expected for the company as infrastructure-as-a-service (IaaS), its core segment, is predicted to expand by 34% and surpass $36bn worldwide by 2018.

Previous funding
In July 2011, six months after being launched, Gigas saw its first institutional round, when Cabiedes and Bonsai injected a joint €2m into the business.

In October 2012, Caixa Capital Risc came on board to lead a €3m investment alongside Cabiedes, Bonsai and the company's management team.

According to unquote" data, a third round took place in March 2014, when Gigas raised $2.7m from its three VC backers to bolster its expansion across the South American market.

Company
Founded in 2011, Gigas develops cloud software used for IaaS purposes. The company provides hosting, system maintenance and resiliency planning services via partnerships with HP, Cisco, Microsoft and Oracle, among others.

With headquarters in Alcobendas, near Madrid, the business has been present in the US since the opening of a datacentre in Miami in 2012 and has since set up offices in Colombia, Chile, Peru and Panama. The company posted revenues in excess of €3m for 2014; its headcount currently tallies 43 professionals.

People
Investment executive Sergio Pérez Merino led the deal for Caixa Capital Risc, while Cabiedes was represented by partner José Alfonso Martín Gutiérrez de Cabiedes and Bonsai by Miguel Cabián Nardiz.

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