The Smarter Web Company shares rally after London IPO plans emerge

Shares of The Smarter Web Company rose nearly 36% from around $33 to $45 after the company outlined a potential IPO of a new class of perpetual preferred shares on the London Stock Exchange.

The offering, announced on Sept. 11, is expected to target £15 million to £25 million in gross proceeds and would use the reserved “MORE” ticker, subject to Financial Conduct Authority approval and shareholder approval.

The proposed securities would be sterling-denominated and include a preferential cumulative variable-rate weekly dividend, liquidation preference and redemption rights, while carrying no voting rights.

The company said the IPO would be conditional on raising at least £10 million, securing three or more market makers and meeting the requirement for at least 50% of shares to remain in public hands.

The Smarter Web Company expects the capital to support acquisitions, working capital, long-term capital needs and its Bitcoin treasury strategy. The company, which serves more than 500 clients, identifies Bitcoin as its primary treasury reserve asset.