June 2 (SeeNews) - The Bulgarian Stock Exchange said on Tuesday that it has received a request for admission to trading on its BEAM market from local biometric identification security solutions developer Biodit, which intends to make an initial public offering (IPO) of 1 million shares.
Biodit will offer the shares at a price of 1 lev ($0.56/0.51 euro) apiece, the bourse operator said in a statement.
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Earlier this year, Biodit said that its shareholders have endorsed the management's plan to offer 1.95 million shares on the Sofia bourse at a price of 1 lev each in several tranches, the first of which will comprise 1 million shares. The IPO will be considered successful if at least 250,000 shares are subscribed for and paid for, the company said at the time.
Biodit was planning to launch an IPO on the stock exchange in Sofia last year, but the financial regulator rejected its prospectus citing issues with the company's accounting policy. Subsequently, Biodit carried out several capital increases, through one of which Luxembourg-registered investment fund New Europe Venture Equity II (NEVEQ II) became a shareholder.
The Sofia bourse'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. If admitted, Biodit will become the first company listed on the BEAM market.
(1 euro = 1.95583 levs)