Smarter Web Conditionally Raises £10 Million in MORE Preferred-Share IPO

The Smarter Web Company conditionally raised £10 million through its MORE perpetual preferred-share IPO, reaching the offer’s minimum threshold while preparing to list the Bitcoin treasury security in London. The company expects net proceeds of £8,346,006. It plans to allocate £4 million to additional Bitcoin (BTC) purchases, £3,846,006 to working capital and dividend reserves, and £500,000 to growth in its operating business. The offering attracted £7.6 million from retail investors and £2.4 million from institutional investors. The total was below the IPO’s target range of £15 million to £25 million. Smarter Web will issue 111,112 MORE shares at £90 each.