November 27 (SeeNews) - The initial public offering (IPO) of Bulgarian agricultural group BG Agro was placed at 1.67 levs ($1.27/0.85 euro) per share, the IPO's lead manager, UniCredit Bulbank, said on Friday.
The company sold some 5.2 million shares, or 12.9% of its capital, through the IPO. Its stock will start trading on the Bulgarian Stock Exchange on December 2, UniCredit Bulbank said in a statement.
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BG Agro is expected to have a free float of 16.23% and a market capitalisation of 67.4 million levs, the statement said.
The placement was overmatched by the bids which exceeded 7.0 million shares versus the 6,053,616 shares on offer or 15% of the capital. Institutional investors accounted for 81.2% of the placed bids.
The achieved price matches the low-end threshold set in the IPO's indicative price range of 1.67 levs to 2.28 levs.
BG Agro (www.bgagro.bg) is active in farming, distribution of plant protection chemicals and fertilisers, trading, storage and transportation of grain and oilseed.
BG Agro expects to boost its consolidated net profit by 36% to 6.7 million levs this year.
(1 euro = 1.95583 Bulgarian levs)
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