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Bulgaria's Bulmetal raises 4.2 mln euro in IPO

Dec 18, 2023, 1:00:46 PMArticle by Mihaela Miteva
share
December 18 (SeeNews) - Bulgarian metal packaging manufacturer Bulmetal has raised over 8.2 million levs ($4.6 million/4.2 million euro) in an initial public offering (IPO) on the Bulgarian Stock Exchange (BSE), investment intermediary Elana Trading said.

Bulgaria's Bulmetal raises 4.2 mln euro in IPO
Photo: Bulgarian Stock Exchange / All rights reserved.

Between December 8 and December 15, Bulmetal received offers for some 928,000 shares from over 100 local and foreign investors, with the share of institutional investors exceeding 80%, Elana Trading said in a statement on Friday.

Bulmetal offered some 1.13 million new shares in total at an issue price of 8.85 levs apiece.

The newly issued shares are expected to start trading on the Sofia bourse at the beginning of 2024.

The company plans to use the funds raised from the IPO to expand its production capacity and automate its processes, which will result in higher sales and lower production costs, Elana Trading said.

Gurkovo-based Bulmetal is a leading metal packaging manufacturer in Bulgaria, processing over 13,000 tonnes of raw materials annually and exporting over 70% of its production to 400 clients in Central and Eastern Europe (CEE). Additionally, through its subsidiaries, Cevolani in Italy and BiBRA in Germany, Bulmetal is a key supplier of packaging machinery globally, with customers on four continents.

The packaging segment constitutes two-thirds of the group's annual sales, with the engineering division contributing the remainder. Leading markets for Bulmetal packaging include Germany, Italy, Slovenia, Romania, Greece and Bulgaria, while the group's machines are sold the most in Italy, Canada, northern Africa and South America.

(1 euro = 1.95583 levs)

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