December 8 (SeeNews) - Bulgarian financial services company ITF Group said on Wednesday that it raised a total of 3.01 million levs ($1.62 million/1.54 million euro) after completing a second auction as part of an oversubscribed initial public offering (IPO).
Applications for a total 1.57 million levs were submitted by investors during the second IPO day, the company said in a bourse filing.
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The additional 234,000 shares offered on Thursday at a price of 4.30 levs were oversubscribed nearly 1.6 times.
A day earlier, ITF raised 2 million levs. Orders for a total amount of 3.36 million levs were submitted and the initial offering of 466,000 shares was oversubscribed nearly 1.7 times.
Overall, the firm placed all planned 700,000 shares during the two actions.
"The result achieved is an outstanding success for us. The resources raised from the second day of the offering will further boost the company ‘s development," CEO Svetoslav Angel noted in the statement.
Following the IPO, the company shares will be listed on the BEAM growth market of the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)