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Bulgaria lifts to 8 mln euro fundraising limit on SME growth market BEAM

Bulgaria lifts to 8 mln euro fundraising limit on SME growth market BEAM Photo: Bulgarian Stock Exchange / All rights reserved.

SOFIA (Bulgaria), June 27 (SeeNews) - Bulgarian lawmakers increased to 8 million euro ($8.46 million) from 3 million euro the maximum amount of funds that a company can raise on the Bulgarian Enterprise Accelerator Market (BEAM) segment of the Bulgarian Stock Exchange (BSE), parliament said.

The amendment to public listing rules was adopted at second and final reading at a plenary session on Friday, the National Assembly announced on its website.

The BEAM segment was created in 2018 with the aim of allowing small and medium-sized enterprises (SMEs) to seek public listings under more simplified terms compared to the main regulated market.

So far, companies were allowed to raise up to 3 million without the need of having a prospectus approved by the Financial Supervision Commission (FSC), either for initial public offering (IPO) or for capital increase transactions for existing market participants.

Last year, companies that gained a public listing through BEAM included cargo drone start-up Dronamics [BUL:DRON], biometric identification security solutions developer Biodit [BUL:BDT] and supercar and electric van maker Sin Cars Industry [BUL:SIN], among others.

Bulgarian investment platform Webit Investment Network, or WIN, [BUL:WIN1] was the most recent company to list on the BEAM, after closing a 5.8 million levs ($3.1 million/3 million euro) IPO earlier this month.

Ready-to-wear clothing maker Fashion Supply applied for admission to BEAM in mid-June, targeting some 4.2 million levs.

($ = 0.9453 euro)

(1 euro = 1.95583 levs)

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