Vizrt (XETRA: VIZ), a developer of systems for virtual studios, raised capital and dual listed its share on the Oslo Stock Exchange on Friday. Vizrt raised $5.8 million in an issue of one million shares at 36.50 Norwegian krone per share (about €4.50).
Vizrt was forced to cut its issue price from 39 krone to 36.50 krone, due to "the developments in the stock markets this week", as it stated in its press release. Trading in Vizrt's share on the Frankfurt Bourse was affected by the cut in the issue price; the share fell almost 10% to €4.35, reflecting a market cap of $80 million.
"The European bourses were very volatile last week, and this volatility had a quite strong psychological effect on our issue," said Vizrt CFO Ofra Brown. "After consulting with our investment bank, we decided that in order to close the issue, it was worthwhile to cut the price."
Trading in Vizrt's share on the Oslo Stock Exchange will begin on May 12.
In addition to raising capital, by dual listing on the Oslo Stock Exchange Vizrt intends to increase the liquidity of its share. "We definitely hope that listing in Oslo will increase the liquidity of the share and our exposure to additional customers and investors," said Brown.
Vizrt's share has risen 14% since the beginning of the year.
Published by Globes [online], Israel business news - www.globes.co.il - on May 2, 2005