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SOFIA (Bulgaria), August 2 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has rejected local biometric identification security solutions developer Biodit's request for approval of an initial public offering (IPO) prospectus.
The financial regulator did not disclose the motives for its decision in its statement issued on Thursday.
Biodit was planning to offer 2.2 million shares for subscription in the 1.0-1.1 levs ($0.57-0.62 / 0.51-0.56 euro) price range.
The FSC's decision can be appealed before the Sofia Administrative Court within 14 days of its publication date.
Currently, Biodit has a registered capital of 12.5 million levs, divided into the same number of shares.
Earlier this year, Biodit received a voucher from the Bulgaria's SMEs promotion agency, which was aimed at covering the expenses related to the company's IPO.
The EU-backed voucher scheme envisages granting vouchers of 50,000 levs each to Bulgarian micro, small and medium-sized enterprises (MSMEs), intended to cover the costs of an IPO on the Sofia bourse. Companies receive the funds only if they successfully raise 500,000 levs or more through their IPO within nine months of the voucher’s issuance.
(1 euro = 1.95583 levs)