February 22 (SeeNews) - Bulgaria's Elmark Invest [BUL:ELM], the parent company of electricity and lighting solutions provider Elmark Holding, listed its shares on the Bulgarian Stock Exchange on Wednesday, ahead of a planned expansion to Central and Western European markets, bourse data showed.
Elmark Invest listed some 4.55 million shares of 1 lev in par value each, representing its entire registered capital, on the BEAM growth segment of the Sofia stock exchange, bourse data showed.
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No company shares had changed hands by 1255 CET, as the bid price ranged between 1.50 levs and 4.50 levs ($2.44/2.30 euro) apiece.
The company announced an initial public offering (IPO) last week in a bid to diversify its shareholder structure and gain access to additional capital with the aim of widening its presence to 18 from 10 countries by 2026.
Elmark Invest intends to set up 36 sales points in its target regions to boost its business-to-business (B2B) operations, it said at the time. The freshly raised capital will also be deployed to develop a new home finishing business line, which will have two dedicated physical sites in Bulgaria, in the cities of Varna and Burgas, as well as online sales in six countries which it didn't specify.
Elmark Holding was established in 2006. The Varna-headquartered company makes and distributes indoor and outdoor electrical equipment and lighting for residential and commercial clients as well as solar power and electric vehicle charging systems and generators. It operates over 20 locations in Bulgaria, Romania, Croatia, Serbia, Greece, Bosnia and Herzegovina, Slovenia, Slovakia, Hungary and the United Arab Emirates.
Earlier this month, Elmark extended by 1,800 sq m to 5,300 sq m its Burgas warehouse which will also serve the new home finishing facility in Varna. In early February, the company set up a new subsidiary, Elmark Gruppo, based in Padua, Italy to help grow its local commercial network of wholesale clients and distributors.
(1 euro = 1.95583 levs)