November 16 (SeeNews) - Bulgarian solar photovoltaic (PV) equipment supplier AmonRa Energy plans to carry out an initial public offering on the Bulgarian Stock Exchange by December 10, as it seeks to raise 15.4 million levs ($8.2 million/7.9 million euro) for a significant expansion into Romania and elsewhere in Southeast Europe (SEE), a company spokesperson told SeeNews on Wednesday.
AmonRa Energy, which is already active on the Romanian market, is planning to open an office with its own warehouse and logistics capabilities, initially in Bucharest, followed by Timisoara and Cluj, the company representative told SeeNews in an email.
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The company is also planning a more substantial expansion next year to North Macedonia, Albania, Greece and Serbia, where it is already supplying equipment to local clients.
AmonRa Energy applied for admission to the Sofia bourse in late October, with the intention of placing 1,259,100 common shares of 1 lev in par value each at an indicative price of 12.40 apiece, according to an earlier bourse filing.
The Bulgarian solar supplier is looking to capitalise on the increase in demand for renewable energy development which is expected to occur thanks to planned legislative changes and available grants under mechanisms to boost the share of renewables in the energy mix, according to the statement.
AmonRa Energy was founded in 2020 by Dimitar Beleliev, the chairman of the board of Bulgaria's energy facilities maintenance group Centralna Energoremontna Baza (CERB). The group also includes AmonRa Energy subsidiary CERB Solar, which is a solar PV installer and maintenance services provider.
(1 euro = 1.95583 levs)