Equity (IPO) shock – summary of the first round of public offering


We have been surprised by the interest in our shares in recent days. We were expecting a lot of interest, but there was still a surprise that no one expected.

The IPO in the first round will be closed!

We’re still taking orders, but they’ll probably close on Monday morning. Today at 15:30 we have 2,983,900 crowns in our account. So it is very likely that there are some funds on the way between the banks and it will be all sorted out by Monday morning. There’s no point in taking any more orders. So these are not mostly fictitious orders. We will wait the promised 5 days and then the orders will come in instead of the cancelled ones and we will refund the rest of the funds, because it is already clear that more than the subscribed amount will be paid.

UPDATE: 4. 8. 2012 at 16:00 Currently no shares can be ordered. In accordance with the terms and conditions, we have stopped accepting new orders because we already have more than the subscription amount in our bank account. Once the next payments arrive after the weekend, they will be paired and then we will refund the overpayments. Thank you for your trust and interest. We are thinking of a way to partially meet the needs of those who have not been reached.

An apology, that is, if we have anything to apologize for

We would like to start by apologising to everyone who was not reached. We’re sorry. We did it for the people, we did it for our customers, and we did everything we could to reach all…

We were looking for a way to satisfy as many buyers as possible, and that is why we prepared a limitation, for example, by giving a “clicker” plus one share (everyone had to click the whole order volume one piece at a time). We wanted to avoid overloading the system and we wanted to avoid technical problems, so we pre-registered the contacts the day before. We have communicated primarily in our community (among our customers and readers of our website and our Facebook fans).

Could we have done anything more? After the battle, everyone’s a general, but none of us expected this. No one. Not even the most optimistic.

Our feelings

A shock and a pleasant surprise at the same time.

There is no point in looking for other words. Nobody expected this. The pleasant surprise is that you trust us.

What will happen to outstanding orders

If you have ordered and the shares are reserved for you, you have 5 days from the date of ordering for payment to be credited to our account. So if you ordered on 3.8., your order is valid until Tuesday 7.8.2012 23:59:59. After this point, the unpaid order is cancelled and the reservation is cancelled.

If you booked later, when there were no unreserved shares available, you can still pay. You must still pay within 5 days of ordering or your order is cancelled. Upon receipt of payment, you will be placed on a waiting list for the release of unpaid reservations. The date and time of the order (not the payment) is decisive for the satisfaction of the orders of these waiters. For a paid pending order, you will see your current order in this list (it is a list of paid pending orders sorted by date and time of ordering in ascending order).

Please note – you can move up and down in this waiting list. If another bidder who ordered before you pays, they are placed on the list ahead of you at the appropriate position and you move up to the next position. On the other hand, if an order with a reservation is cancelled early by the customer or is not paid by the due date (this will happen for the first time on Wednesday 8.8.2012), the orders from the beginning of the waiting list will be satisfied and you will move forward.

Payments received for orders that have not been executed (payment was received after the due date, there were no available shares for the order) will be returned to the sender’s account within 7 days of the end of the subscription. These payments cannot be used in any other way.

Development of the public offering and our Loyalty Share Scheme

We have tried a truly groundbreaking and unique solution that no one in the Czech Republic has done before. It’s interesting that so little is written about this, and that some media have not noticed it at all (I guess we don’t pay for advertising there 🙂 ) and focus on IT news, which is rather laughable.

  • The first thoughts were born about a year ago (probably under the influence of warm summer rays). Everyone was “knocking on their heads” and saying it had no chance of success.
  • The first public information was at the Open Days last autumn.
  • In the winter, we started preparations with a notary who also did not believe it and just confirmed that no one had done anything like this.
  • During the spring we were finalizing the preparations. Many meetings, documents, notarial records were made. It was discussed on “all fronts”, including in court. We studied the laws and looked for the best way to do the whole thing.
  • Even when we were preparing at the end of June, we were worried that almost nothing would be signed and that there would be no interest. We gave ourselves a deadline of 14 days and after the deadline the (until then only) current shareholder will subscribe the full amount so that we don’t have to change the articles of association etc.
  • At the beginning of the holiday season everything was ready, completed, and we started writing a series of articles about our plan.
  • The first responses surprised us. We’ve had an awful lot of interest. There were a few people who wanted to buy everything (there were 3 in the end). We explained to everyone that we were not interested in such “cooperation” and that this was not the way to go. We estimated that we would be able to subscribe for a portion (in the order of 20%) within the 14-day period.
  • Along with other articles, our optimism increased. We expected to write most of it in 14 days, but certainly not all of it.
  • Originally we had the ordering system ready and we wanted to start everything in July, but the interest of people was increasing and we wanted to avoid problems, so we modified the whole ordering system. About 20. July we saw that the majority would subscribe, but at a leisurely pace.
  • We’ve been adjusting the ordering system to handle the onslaught. We have reduced the promotion of the event. We didn’t even answer some of the things on Facebook, we didn’t even put the promised video interview on there, which we will put up later. We have also limited advertising on WebTrhu.
  • We asked interested parties to send us their contacts and ideas for quantities. It was clear that everything would be signed, but without nerves and in a cool way.
  • We have started contact registrations and have seen increased activity on our website. Our last estimates were that everything would be underwritten, but in a few days. No one ever said, and no one ever thought, that it was less than a few days.
  • The event started at 19:00 and at 19:52 everything is booked…
  • What’s next with our Loyalty Share Program? We don’t know. We have a lot of ideas to think about. In any case, this is how we see that our (now joint) company has a great future. In a similar way, loyal customers can be gained and dramatically rapid growth can be financed.


Since we announced that the subscription would be launched this week, we have already seen increased interest and activity on our site during the week.

On Wednesday, we announced that shareholder registration was open, which was used by approximately 300 interested parties. We have also announced that underwriting will begin in the coming days. There was already such activity on our website yesterday that many people were refreshing our website and waiting to see if there would be an order form somewhere. There was even a situation where we were around 18. We were doing a public test for hours (without limiting our IP addresses) and just for a few seconds we had an order publicly and right there two people placed an order.

A few minutes beforehand, we sent a mass SMS to all those who had contacted us on the basis of our articles. We sent them an e-mail as well.

Just before 19. hour we published the article and since then the madness started on our website and in the administration, which culminated at 19:00.

We didn’t expect such an onslaught. Some people had several PCs (and IP addresses from different locations) logged in at the same time under one login and several people were clicking orders at the same time.

After the first onslaught subsided (after about 20 minutes) we put everything on social media.

We did not send the originally planned e-mail, which we wanted to notify all our customers (including those who did not know about the event). We wanted to send it after the underwriting had started and the initial interest had waned.

Statistical numbers

A few statistical numbers:

  • The largest amount subscribed by one interested party is CZK 500,000, the next high amount is CZK 200,000.
  • The average amount invested by one bidder is CZK 8,845.
  • In total, almost 400 applicants actively participated in the first round of subscription.
  • There are just over 300 successful shareholders in the first round (that means we have about 300 new shareholders).
  • The vast majority of them are our customers, and the only exception is perhaps the candidate who invested the 200,000 crowns, who is also from the IT industry.
  • 19.4% of firms and 80.6% of individuals participated in the subscription, which is probably also related to the fact that individuals have more favourable tax issues regarding share ownership. In addition, our loyalty program does not differentiate between the two.
  • We didn’t reach several hundred disappointed prospects (and we didn’t even inform our clients by mass email as we originally wanted to because it didn’t make sense), so we assume that the number of prospects we didn’t reach is significantly higher. If we sent out an informational email, there would be (estimated) several thousand people interested.
  • It was sold out (booked) in less than 52 minutes.
  • On average, more than 1 order per second arrived in the first few minutes.
  • In 15 hours since the launch, 2,953,300 CZK have already been paid (an incredible figure for such a short time).


From our point of view, the first round exceeded all our expectations and we repeat that we never dreamed this would happen. Thank you for your trust.

We assume that the first round fulfilled its purpose. The interest was enormous and we captured our customers who trust us and who want to cooperate with us in the future, and that was the main purpose.

No one bought the stock as a whole, and at the same time, it is not about investors or competitors, but about our customers (with perhaps one exception).

Whoever bought and wanted to get the discounts will get them. Whoever is treating this as an investment has probably already appreciated fabulously, as demand is now significantly greater than supply. Those who thought of it as waiting for a dividend will have to wait (as we predicted). In any case, we can see that it is possible to move the company forward in this way. Together we can do much more.

We welcome all those who have become our shareholders. Congratulations.

We thank all of our new shareholders for their trust, congratulate them on their purchase and now believe that we will all benefit from working together. It’s a binding, but hopefully not a binding feeling. Our common activity must not bind us in our start-up.

Just a quick note on share ownership and value. We have already noted that there has been speculation in several places that someone has a few shares and will sell them at a profit. This is of course his right, but in our view the shares have a higher economic value than the current sale value. Don’t sell. Moreover, judging by the interest that has surprised all of us, you can clearly see that even the eventual market price is higher than the current value. Don’t sell. Along with the growth of our (now joint) company, the value of our shares will reflect our eventual success or failure.

If you have any questions or would like advice or assistance on share ownership, please contact us.

What’s next?

What now? There are many ways:

  • we’ll leave it as it is now.
  • we’ll do another round under the same conditions
  • we’ll do another round, but under different conditions.
  • we’ll do another round, but through the exchange
  • we’ll do something completely different, but what we don’t even know now…

Let us think a little bit. Thank you. Maybe we can work something out

We will try to think of something to solve the current situation, especially the problem that some of the applicants have not been reached. We can’t write a decision right away. We have to think about it, we will propose something and then we will discuss it with our existing shareholders and a decision will be made accordingly.

A lot of interested parties are now disappointed. We’re looking for a solution, we’re looking for a way not to piss anyone off. We do it for the people, we do it for our customers. Just let us think about it now.

We look forward to your opinions

We will be glad to receive your opinions, ideas, comments and suggestions. Focus on the topic – Loyalty Share Scheme, share subscription, over-subscription and possibly how to “get out of it”. Contact us via the contact form. Thank you.

Write to us:

  • how should we handle the situation…
  • how do we do it next time…
  • why you invested in our company and why you participated in the Loyalty Share Program
  • why you wanted to invest (and it didn’t come to you), what was decisive (discount, dividend, possible share appreciation, feeling of joint success)
  • whether our program makes sense…
  • possibly more and more ideas and opinions

We apologise, but it may not be in our power to respond to all suggestions, but we will look into it.

Thank you in advance for your opinions.