April 19 (SeeNews) - Bulgaria's financial regulator said that it has asked local biometric identification security solutions developer Biodit to provide additional information and documents regarding its request for approval of a prospectus for an initial public offering (IPO).
The Financial Supervision Commission did not disclose further details in a statement published on Thursday.
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This is the second time that the regulator has asked for clarifications from Biodit, after it also did so in March.
In February, Biodit said that its shareholders have approved the management's proposal to offer 2.2 million shares for subscription in an IPO on the Bulgarian Stock Exchange. The shares, which carry a nominal value of 1 lev ($0.58/0.51 euro) each, will be offered in the price range of 1.0-1.1 levs.
Currently, the company has a registered capital of 12.5 million levs, divided into the same number of shares.
The IPO will be considered successful if at least 1 million shares are subscribed for and paid for.
Last year, Biodit said that it intended to seek financing under the SME Promotion Agency's voucher scheme in order to finance the cost of its planned initial public offering.
The EU-backed voucher scheme envisages granting vouchers of 50,000 levs each to Bulgarian micro, small and medium-sized enterprises (MSMEs), intended to cover the costs of an IPO on the Sofia bourse. Companies receive the funds only if they successfully raise 500,000 levs or more through their IPO within nine months of the voucher’s issuance.
(1 euro = 1.95583 levs)