Bulgaria’s ITF Group raises 1 mln euro in oversubscribed IPO

Given the high level of interest, ITF will proceed with its plan to offer a further 234,000 shares at the same price in a second auction on December 8, the company said in a statement.

The offering of 466,000 shares at a price of 4.30 levs was oversubscribed nearly 1.7 times,

Shares in the first auction were subscribed for by both individual and institutional investors.

"I highly appreciate the investors' confidence in our company and I am committed, together with the entire management team, to work towards achieving the set goals so as to justify this confidence,"" CEO Svetoslav Angelov noted in the statement.

Following the IPO, the company will be listed on the BEAM growth market of the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)