November 15 (SeeNews) - Bulgarian financial services company ITF Group said that its board of directors approved a decision to increase the company’s capital via an initial public offering (IPO) of up to 700,000 new shares.
Each share will have a par value of 1 levs and an issue price of 4.30 levs ($2.28/2.20 euro), ITF said in a bourse filing on Monday.
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The IPO will be conducted on the BEAM market, a segment of the Bulgarian Stock Exchange dedicated to growth of small and medium-sized enterprises (SME).
The capital increase will be considered successful if at least 350,000 new shares are subscribed. In case of a full subscription, ITF’s capital will rise to 3.5 million shares, all of which will be accepted for trading on the BEAM market, the company said.
The IPO decision was made by ITF’s sole owner Abbey Capital on November 7.
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, company's revenue increased to 7.24 million levs from 4.38 million levs.
ITF Group has a 5 million levs ($2.8 million/2.6 million euro) bond issue due in November 2026 listed on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)