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SOFIA (Bulgaria), February 7 (SeeNews) - Bulgaria's Green Town Projects said that it intends to launch an initial public offering (IPO) on the Bulgarian Stock Exchange, aiming to raise 8 million levs ($4.6 million/4.1 million euro).
The company is planning to offer 8 million newly issued shares with a nominal value of 1 lev each at a price of at least 1 lev, documents entered into the commercial register on Tuesday showed.
The IPO will be considered successful if at least 4 million shares are subscribed for and paid for.
The company intends to use the proceeds to form an investment portfolio consisting of flats and residential complexes, stakes in real estate investment companies and companies offering real estate-related services, as well as stakes in companies outside the real estate sector.
Green Town Projects is due to draft its IPO prospectus and present it to the Financial Supervision Commission for approval.
The company's registered capital currently amounts to 50,000 levs and is fully owned by private individual Shtilyan Stoyanov.
Green Town Projects was established in November 2018.
(1 euro = 1.95583 levs)