Innovative-RFK (i-RFK), the Italian holding company for investments in innovative SMEs and startups, has started the placement of a minibond with a maximum target of $5.8 million (€5 million) on the Italian portal CrowdFundMe. This is the first bond instrument on the portal that is also aimed at a specific retail clientele, defined by Consob a year ago with the changes to the crowdfunding equity regulation. The investment methods are completely online.
The bond issue has a duration of five years, an annual interest rate of 6%, a minimum investment denomination of $11,600 (€10,000) and a premium, in case of redemption, within the third year from the issue date. At the end of the campaign on CrowdFundMe, the minibond will be listed on the ExtraMot Pro3 segment of Borsa Italiana. Studio Nctm and Directa are, respectively, the legal advisor and the paying agent of this operation.
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The news of the placement on CrowdFundMe was expected
Last June, the portal had announced that the issue of i-RFK was in pipeline, together with that of Hal Service. CrowdFundMe was authorized to place minibonds last June.
Tommaso Baldissera Pacchetti, CEO of CrowdFundMe, commented: “With the issue, on crowd-investing platforms, of minibonds linked to companies and startups, fintech meets traditional finance and offers it a valuable help in a critical period, such as the one we are experiencing, in which the real economy needs timely actions. In addition, we will soon issue the bonds of other Italian companies already in the pipeline, with a view to fostering the growth of many of the leading lights of our entrepreneurial fabric.”
i-RFK has a market capitalization of $12.7 million (€11 million)
i-RFK was founded in 2017 by Paolo Pescetto, Massimo Laccisaglia and Andrea Rossotti. It was listed on Euronext Access on December 27th 2019, following an increase in an equity crowdfunding campaign on CrowdFundMe, which raised $2.9 million (€2.5 million), equal to 23.5% of the capital.
i-RFK, which has more than 260 employees, an aggregate production value of approximately $31.3 million (€27 million) and a market capitalization of $12.7 million (€11 million), is the result of the experience of Red-Fish Kapital, which has been operating for several years in the field of private equity investments, also in the form of a club deal, alongside private and institutional investors and the consulting firm Arkios Italy.
i-RFK, rated B1+ by the Modefinance rating agency, has an investment plan that foresees, for the current year and next, the investment of $3.6 million (€3.1 million) in the investee companies, supported by the residual liquidity of the holding company, the issue of the minibond and future capital increases. To date, i-RFK has already invested approximately $7.5 million (€6.5 million) involving 50 private and qualified investors, obtaining an annual Irr above 30% and estimated at 50% in 2019. Innovative-RFK currently has 5 subsidiaries: Keisdata, Easy4Cloud, Websolute, Inventis, Microcredit. The latter has recently raised over $1.97 million (€1.7 million) in its equity crowdfunding campaign on the BacktoWork platform and is currently running a second round on Opstart.
The valuation of the holdings of the 5 companies in the portfolio is $13.7 million (€11.8 million), but for listing purposes the value of the latest capital increase has been maintained and therefore $12.1 million (€10.5 million), which spread over the total number of shares (approximately $10.2 million (€8.79 million) becomes $1.38 (€1.19) per share.
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