April 22 (SeeNews) - Bulgarian security solutions developer Biodit said on Monday it has received a 50,000 levs ($29,000/26,000 euro) voucher from the country's SMEs promotion agency, which will cover the expenses related to the company's forthcoming initial public offering (IPO).
Biodit is the first company to receive financing from the EU-funded voucher scheme, the company said in a statement.
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The biometric identification security solutions provider is expecting the approval of the Financial Supervision Commission (FSC) for its prospectus for an IPO on the Bulgarian Stock Exchange.
Last week, FSC said that it has asked Biodit to provide additional information and documents regarding its request for approval of an IPO prospectus.
In February, Biodit said that its shareholders have approved the management's proposal to offer 2.2 million shares for subscription in an IPO on the stock exchange in Sofia. The shares, which carry a nominal value of 1 lev each, will be offered in the price range of 1.0-1.1 levs apiece. Currently, the company has a registered capital of 12.5 million levs, divided into the same number of shares.
The IPO will be considered successful if at least 1 million shares are subscribed for and paid for.
The voucher scheme, funded by Operational Programme Innovations and Competitiveness, envisages granting vouchers of 50,000 levs each to Bulgarian micro, small and medium-sized enterprises (MSMEs) in order to cover the costs of an IPO on the Bulgarian Stock Exchange. 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)