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SOFIA (Bulgaria), October 21 (SeeNews) - Bulgarian telecommunication services provider Allterco successfully closed its initial public offering (IPO) on the Sofia bourse, as investors submitted offers for 2.5 million shares, oversubscribing the offering, local brokerage company Karoll said.
The share price in the IPO was set at 1.45 levs ($0.80/0.74 euro), Karoll, the company lead managing the IPO, said in a press release on Thursday.
In September, Allterco offered investors 1.5 million shares with a nominal value of 1.0 lev and an issue price in the range of 1.1 - 2.2 levs per share. The IPO was to be considered successful if at least 750,000 shares were subscribed.
Around 70% of the IPO proceeds will be used for the production, implementation and improvement of the company's projects for home control system SHE and for children's watches MyKi, Allterco CEO Dimitar Dimitrov said at the time.
Allterco plans to reach earnings before interest, tax, depreciation and amortisation (EBITDA) margin of 14% by 2020, up from an estimated 3% for 2016.
The company operates on eight markets worldwide. It generates 43% of its revenues in Bulgaria, 16% in the U.S., 15% in Singapore, 14% in Romania and 10% in Malaysia.
In Southeastern Europe, the Sofia-based company has offices in Romania, Serbia and Macedonia.
Allterko partners with over 20 mobile operators in seven countries on three continents and its services reach around a billion users. The company had a turnover of over 28 million levs last year. It has over 100 employees, most of them based in Bulgaria.
(1 euro = 1.95583 levs)