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. An additional 100,000 shares will be placed into an automated market-making facility for Tennyson Capital, bringing the total to 211,112 shares.

MORE is scheduled to begin unconditional trading on the London Stock Exchange’s Main Market at 3 a.m. ET (0700 UTC) on Oct. 14 under ticker MORE. The sterling-denominated preferred shares have no voting rights and will pay an initial variable dividend of 12% annually on a £100 reference amount, distributed weekly.

The first dividend is set at £0.2301 per share and is due by Nov. 9, 2026. The securities were not registered under U.S. securities laws and were not publicly offered in the United States.