April 3 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has approved the prospectus of local company Green Town Projects for an initial public offering of 8 million newly-issued shares on the stock exchange in Sofia at a price of 1 lev ($0.58/0.51 euro) each.
The regulator did not disclose further details in its decision published on Tuesday.
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Green Town Projects will consider the IPO successful if at least 4 million shares are subscribed for and paid for, according to documents published in the commercial register in February.
The company intends to use the proceeds from the IPO to form an investment portfolio consisting of apartments and residential complexes, stakes in real estate investment companies and companies offering real estate-related services, as well as stakes in companies outside the propeprty sector.
The company's registered capital of 50,000 levs is fully owned by private individual Shtilyan Stoyanov.
Green Town Projects was established in November 2018.
(1 euro = 1.95583 levs)