April 13 (SeeNews) - Bulgarian supercar maker Sin Cars has affirmed its plans to carry out an initial public offering (IPO) on the Bulgarian Stock Exchange's BEAM market, the CEO of the stock exchange said on Tuesday.
The IPO was delayed by the pandemic, which also partially changed the investment plans of the company, Manyu Moravenov, CEO of the BSE, said in an interview for Bloomberg TV Bulgaria.
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The proceeds of the IPO will be invested in a new production line, according to Moravenov.
Sin Cars announced its IPO plans in February 2020, when it said it will seek to raise up to 6 million levs ($3.7 million/3.1 million euro) through the offering.
The BSE's SME growth market BEAM was created with the purpose of allowing small and medium-sized enterprises to seek listing under simplified procedures as compared to the regulated market. Earlier this year, Bulgarian biometric identification security solutions developer Biodit [BUL:BDT] completed the first IPO on the BEAM market, raising 1 million levs.
(1 euro = 1.95583 levs)