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Nov 17, 2007 13:10 EEST
November 17 (SeeNews) - Bulgarian food retailer CBA Asset Management will sell shares in its initial public offering (IPO) at 3.7 levs ($2.8/1.9 euro), close to the middle of the indicative range, the company said.
The offering of 3.9 million new shares, which closed on Friday, was nearly two times oversubscribed at the set price, CBA Asset Management said in a statement.
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The company has set a minimum issue price of 2.0 levs and an indicative price range of 3.3 levs to 4.3 levs per share for its IPO. CBA Asset Management, which will be the first retailer to list on the stock exchange in Bulgaria, will have an initial market capitalisation of almost 75 million levs based on the IPO price.
The company runs CBA supermarkets in three cities in northern Bulgaria. It plans to use the IPO proceeds to open new new supermarkets, including in the capital Sofia, and invest in logistics facilities.
(1 euro = 1.95583 Bulgarian levs)
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