November 27 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has asked local investment firm Eleven Capital to provide additional documents and information regarding its request for approval of an initial public offering (IPO) prospectus.
The regulator did not provide further details in its statement, published on Tuesday.
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Last week, business news outlet Capital.bg reported that the company will seek to raise 4 million levs ($2.3 million/2.0 million euro) via the IPO, which is expected to be wrapped up in the first half of 2020.
If the IPO is completed successfully, Eleven Capital will invest the funds in around 30 of the companies in its portfolio, while interest in the other companies will likely be divested, according to the report.
Eleven Capital, established in January, is the owner of the portfolio of local venture capital fund Eleven, comprising stakes in 70-80 companies.
The Eleven fund was launched in 2012 by Eleven Ventures, as a 12 million euro acceleration and seed fund, which was fully invested in 115 startups over three years. The fund initially benefited from financing from the European Investment Fund (EIF) under the JEREMIE programme.
The company currently has no majority shareholder - it has a registered capital of about 2 million levs, distributed between 10 companies and 13 private investors.
(1 euro = 1.95583 levs)