(Bloomberg) -- Zorzal Inversiones Tecnologicas will become the first company in Uruguay to conduct an initial public offering in almost eight years this week, after authorities eased the rules on small companies to raise capital.

The Montevideo-based company plans to sell shares worth as much as 100 million unidad indexada, or UI, ($15.4 million) on June 26-27, the maximum amount allowed under the new rules. The funds will be invested in local tech companies.

The equity sale, and a spate of bond issuance, come two years after authorities removed the need for companies to obtain credit ratings and eased financial disclosure requirements when tapping capital markets under streamlined issuance rules. Since early May, the central bank has approved two bond deals for $8.5 million and Uruguay’s first crowd-funded bond for $1 million under separate regulations.

“We put a low ticket to attract investors: $1,000,” said Gabriel Genta, a portfolio manager at the brokerage firm Gletir, which is buying shares on behalf of clients. “We’ve given it a lot of publicity. We’re confident it will be a successful issuance.”

The simplified rules add to Uruguay’s decades long push to build deeper capital markets in a country long regarded as an investment safe haven in South America. Some of the region’s top billionaires already call Montevideo home, while rich locals and foreigners managed more than $37 billion from Uruguay last year.

Construction company Ebital SA was the first to tap markets under the new rules last month, selling $6.5 million in five-year bonds. Kefordy SA, the local subsidiary of Latin American consumer electronics distributor Latamly Group, plans to sell as much as $2 million in 3.5-year bonds in July.

“I’m optimistic these issuances will lead to more deals as long as nothing happens that dynamites confidence,” said Jeronimo Nin, a money manager at local brokerage Nobilis.

Crowd funding offers another way to raise funds, but individual issuances are capped at about $1.5 million. Virtual concierge company Foxsys launched a $1 million five-year bond last week on crowd funding platform Crowder Plataforma de Financiamiento Colectivo that has already raised more than $140,000 ahead of its Aug. 19 close.

“We are currently working on two other offerings,” Crowder co-founder and CEO Guillermo Rodriguez said in an interview. “We expect them to be online about 30 days from now.” 

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