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Wednesday, February 21, 2024

Devesa & Calvo steers Substrate AI´s IPO on BME Growth

Devesa & Calvo has advised Substrate AI on its IPO on BME Growth, being the third in which the firm helped a company start trading in the last year

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BME Growth has welcomed Substrate AIduring an event held in the Madrid stock exchange. The traditional bell ringing ceremony was led on May 17 by Lorenzo Serratosa, president of the company; José Iván García, CEO, y Bren Worth, CTO, who was accompanied by Jesús González Nieto-Márquez, General Manager of BME Growth.

The company, which is the third to join this BME market so far this year, set a reference price of €4.30, bringing its total valuation to €94.9 million.

Substrate AI defines itself as a Spanish Artificial Intelligence company that develops its own technology, based on reinforced knowledge agents that can be trained to perform a wide range of tasks. Created recently, the company will apply this technology to cases studies in the Fintech, Energy, HR, Agritech and Healthcare verticals.

“We are very pleased to welcome Substrate AI, whose listing on BME Growth further highlights two fundamental issues: the sectoral diversification of this SME Growth market, where investors can find companies of all types, and the consolidation of the Pre-Market Environment as the perfect springboard for small and medium-sized companies to make the leap into the financial markets. With Substrate AI, five companies from this training environment are now listed on BME Growth,” said Jesús González Nieto-Márquez, managing director of BME Growth.

This is Devesa & Calvo´s third IPO deal in the last year, along with CF Intercity (BME Growth) and Embention (Euronext Access). Devesa & Calvo advised Substrate AI with a team led by founding partner David Devesa, together with Commercial partner Juan Botella, Commercial senior associate Patricia Carrera, Labour partner José Luis Valverde and Tax partner José María García Guirao.

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