Jessica Moodley-Theron, head of strategy, and Gabriel Theron, Cilo Cybin CEO. (Nick Wilson/News24)
Medicinal cannabis group Cilo Cybin said on Tuesday it managed to close its initial public offering within record time, raising about R7.1 million or 10% of shares, within a week.
The group opened its IPO on 14 March, expecting it to close on 12 April, but it said it “experienced an unprecedented response,” leading to oversubscription and its early closure.
A listing date is yet to be announced, but the group has previously said it is eyeing April or May to join the bourse as a special purpose acquisition company (SPAC).
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