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Oct 06, 2007 14:31 EEST
October 6 (SeeNews) - Bulgarian road construction company Trace Group Hold said on Saturday it planned to launch a 22.1 million levs ($16 million/11.3 million euro) initial public offering by the end of this month to fund its development.
“We hope to carry out the IPO by the end of October,” Trace Group Hold president Nikolay Mihaylov told SeeNews.
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The company will offer 200,000 shares at a price of 110.50 levs each in the IPO. Proceeds will be used for buying equipment and for expanding the group's facilities.
The public offering is expected to attract strong investor interest as EU-newcomer Bulgaria is set to raise spending on infrastructure projects, in which Trace hopes to play a key role.
Bulgaria joined the EU in January.
(1 euro = 1.95583 Bulgarian levs)
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