March 19 (SeeNews) - Bulgarian biometric identification security solutions developer Biodit said that its shareholders have endorsed the company's plan to raise up to 1.95 million levs ($1.1 million/1 million euro) through an initial public offering (IPO) on the Bulgarian Stock Exchange.
Biodit intends to offer 1.95 million shares at a price of 1 lev each in several tranches, the first of which will comprise 1 million shares, the company said in an invitation for a shareholders meeting earlier this week.
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The IPO will be considered successful if at least 250,000 shares are subscribed for and paid for.
Biodit will offer the shares on the Sofia bourse's SME growth market BEAM, which allows small and medium-sized enterprises to seek listing under simplified procedures as compared to the regulated market.
Biodit was planning to launch an IPO on the BSE last year, but the financial regulator rejected its prospectus due to issues with the company's accounting policy. Subsequently, Biodit carried out two capital increases, through one of which Luxembourg-registered investment fund New Europe Venture Equity II (NEVEQ II) became a shareholder.
(1 euro = 1.95583 levs)