November 24 (SeeNews) - Bulgarian financial services company ITF Group applied for an initial public offering (IPO) on the BEAM growth market of the Bulgarian Stock Exchange, seeking to raise 3.01 million levs ($1.6 million/1.54 million euro), the bourse operator said.
ITF Group intends to place up to 700,000 new shares of 1 lev in par value and an issue price of 4.30 levs apiece, the BSE said in a statement on Wednesday.
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Bulgarian brokerage firm Elana Trading will act as advisor on the deal.
ITF Group said in October that its board of directors approved a decision to increase the company’s capital via an IPO. The offering will be considered successful if at least 350,000 new shares are subscribed, the firm said at the time.
ITF reported at the end of October a net profit of 1.07 million levs for the first nine months of 2022, up from about 150,000 levs in the same period of 2021. At the same time, the company's revenue increased to 7.24 million levs from 4.38 million levs.
(1 euro = 1.95583 levs)