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Bulgaria's Doverie-managed pension funds subscribe for bulk of Gradus IPO

Bulgaria's Doverie-managed pension funds subscribe for bulk of Gradus IPO hxdbzxy/Shutterstock.com

SOFIA (Bulgaria), June 29 (SeeNews) - Pension funds managed by Bulgaria's Pension Assurance Company Doverie, part of the Vienna Insurance Group, subscribed for a large part of the recent initial public offering of poultry producer Gradus on the Bulgarian stock exchange, according to a filing to the commercial register by Gradus.

Doverie's three pension funds subscribed for a total of 6,112,500 newly issued Gradus shares, figures from the filing show.

The funds have practically subscribed for double that number of shares, as Gradus' IPO was evenly split between new and existing shares.

General Pension Fund Doverie subscribed for 5.43 million newly issued Gradus shares, Professional Pension Fund Doverie for 425,000, while Voluntary Pension Fund Doverie subscribed for 257,500.

During the company's two-day offering on the Sofia bourse, investors subscribed for a total of 45.2 million shares at a price of 1.8 levs ($1.07/0.92 euro) apiece, making it the biggest IPO on the Bulgarian Stock Exchange since 2007.

(1 euro = 1.95583 levs)

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