November 15 (SeeNews) - Dronamics Capital EAD, a company related to Bulgarian cargo drone manufacturer Dronamics Ltd., plans to raise up to 5.87 million levs ($3.43 million/3 million euro) in an initial public offering (IPO) on the Bulgarian Stock Exchange's SME growth market BEAM, the bourse said on Monday.
Dronamics Capital intends to offer up to 5,334,081 preference, class B shares of 1.0 lev in par value each at an issue price of 1.10 levs, the BSE said in a statement.
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The IPO will be held in December, local news outlet Capital reported.
Along with the application for the IPO, Dronamics Capital is also applying for admission to secondary trading of the share issue.
Dronamics Ltd. was founded in 2014 by the Rangelovi brothers Svilen and Konstantin. Dronamics Ltd. and Dronamics Capital EAD are both 100%-owned by U.K.-based Dronamics Global Limited, Bulgarian commercial register data showed.
The Sofia bourse's Bulgarian Enterprise Accelerator Market (BEAM) market was created with the purpose of allowing small and medium-sized enterprises (SMEs) to seek listing under simplified procedures as compared to the regulated market.
(1 euro = 1.95583 levs)