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Dec 08, 2023 12:26 EEST
December 8 (SeeNews) - Bulgarian metal packaging manufacturer Bulmetal began an initial public offering (IPO) on the Bulgarian Stock Exchange on December 8, seeking to raise 10 million levs ($5.5 million/5.1 million euro), investment intermediary First Financial Brokerage House said on Friday.
Bulmetal is offering some 1.13 million new shares at a subscription price of 8.85 levs apiece until December 15, First Financial Brokerage House said in a term sheet. The IPO will be considered successful if at least 900,000 shares are subscribed and paid for.
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If all offered shares are subscribed, Bulmetal's market capitalisation will stand at 65.1 million levs. The funds raised in the IPO will be used to expand the company's existing capacity and improve automation and efficiency across Bulmetal's main segments, according to the document.
The stock is expected to start trading on the Bulgarian Stock Exchange at the end of January 2024.
The registered capital of Bulmetal currently totals some 6.23 million levs, distributed into the same number of shares of 1 lev in par value each, commercial register data show. The company's majority shareholder, Kolyo Atanasov, currently owns an 88% stake and will hold a minimum of 51% interest in Bulmetal for two years after the IPO.
Bulmetal booked a net profit of 1.44 million levs in the first half of 2023, down from 6.89 million levs a year earlier, the company said earlier. In the review period, total revenue grew to 58.8 million levs from 52.5 million levs in the first half of 2022.
(1 euro = 1.95583 levs)
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