Bulgaria’s ITF Group launches IPO

The IPO will be conducted in two trading sessions, on December 7 and December 8, the company said in a bourse filing.

ITF will offer 466,000 shares at a price of 4.30 each during the first session. If all of them are placed, the firm will propose an additional 234,000 shares at the same price during the second session.

The IPO is expected to close on December 9.

ITF first disclosed plans to conduct an IPO in October, saying it intends to offer up to 700,000 new shares. The offering would be considered successful if at least 350,000 shares are subscribed, it added.

If all 700,000 new shares are placed, the company’s equity capital will increase to 3.5 million shares. All of them will be admitted to trading on the BEAM growth market of the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)