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SOFIA (Bulgaria), December 14 (SeeNews) - Bulgarian security solutions developer Biodit Global Technology said on Friday that it intends to seek financing under the SME Promotion Agency's voucher scheme, in order to finance the cost of its planned initial public offering.
An IPO gives companies flexibility and access to the capital they need to scale up their business, Yulian Sofroniev, manager of Biodit Global Technology, said in a statement.
The EU-backed voucher scheme envisages granting vouchers of 50,000 levs ($29,000/26,000 euro) each to 30 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.
The voucher scheme, which was launched in October, will run for two years.
On Wednesday, the commercial register entered a 3 million levs increase in Biodit Global Technology's capital to 11.7 million levs, divided into the same number of shares.
Currently, there is a pending request with the registry agency to enter a further increase in the company's registered capital, to 12 million levs.
In August, Biodit Global Technology told SeeNews that it intends to offer a 'significant portion' of its shares in the IPO. The company also said it is preparing the IPO prospectus which it plans to submit to the Bulgarian financial regulator 'very soon'.
(1 euro = 1.95583 levs)