Zinkia rights issue hit by downturn

Company drops share price to attract investors

MADRID — Spanish toon house Zinkia Entertainment is launching today a rights issue offer worth E7 million ($9.8 million) for 15% of its capital on Spain’s MAB Alternative Stock Market for Growth Companies.

The creator of preschool hit toon “Pocoyo” is offering 3.66 million shares at $2.68 each, valuing Zinkia at $65.6 million. The share price is below the range originally set for the operation — between $3.70 and $5.70.

The Madrid-based company had hoped to launch both an initial public offering and a rights issue. Zinkia cancelled the IPO due to lack of demand.

Smash hit “Pocoyo,” the most successful Spanish toon series this decade, generates more than 80% of Zinkia’s revenue. Company’s growth will come from brand merchandising and licensing, not straight TV deals.

Zinkia aims to attract coin to finance consolidation abroad, especially in Asia, and to develop new projects such as a “Pocoyo” 3-D movie.

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