SOFIA (Bulgaria), June 30 (SeeNews) - Bulgarian beehive-monitoring cloud-based technology developer Bee Smart Technologies has applied for an initial public offering (IPO) on the BEAM growth market of the Bulgarian Stock Exchange, the bourse operator said.

Bee Smart Technologies will seek to place up to 43,636 ordinary registered, and freely transferable shares of 1 lev in par value each priced at 27.50 levs apiece, the BSE said in a statement on Wednesday.

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The total value of the offering would thus amount to just under 1.2 million levs ($639,100/613,550 euro).

First Financial Brokerage House will act as investment intermediary for the offering, for which a date is yet to be specified.

Founded in 2015, the company has developed products such as weight-measuring tool Hivebase Beebot, a device that records data on fluctuations in beehive temperature and humidity and stores it regularly in the cloud facilitating remote access.

In 2016, Bee Smart Technologies received backing by Bulgaria-based venture fund firm manager NEVEQ Capital Partners.