UK Bitcoin Treasury Firm Smarter Web Closes £10M Share Offering

The first weekly payout on the new MORE shares is £0.2301 each, with an initial 12% annual rate on £100 and unpaid sums carried forward.

The Smarter Web Company has raised £10 million ($13.2 million) in the initial public offering (IPO) of its new preferred shares, which start trading on the London Stock Exchange’s Main Market under the ticker MORE at 8:00 a.m. on Wednesday, October 14.

That is £5 million ($6.6 million) below the bottom range in the company’s prospectus, a shortfall the CEO has acknowledged.

Retail Investors Supplied Most of the Money

According to Monday’s announcement, the institutional offer brought in £2.4 million, or just over $3.1 million, and the retail offer £7.6 million ($10 million), roughly 75% of the total as noted by CEO Andrew Webley. Net proceeds after expenses come to about £8.3 million, which is nearly $11 million at current rates.

“I know £10 million is at a lower range of what we were targeting, and I won’t pretend otherwise,” Webley wrote on X.

As the executive described it, institutional demand was “disappointing” because several investors the company expected to take part decided against it, though many want to see how the shares trade and could join as the issue grows.