December 7 (SeeNews) - Bulgarian honey-based products producer Mellifera said on Wednesday that it will carry out on December 15 an initial public offering (IPO), seeking to raise up to 2.01 million levs ($1.07 million/1.03 million euro).
Mellifera will offer up to 456,500 shares at a price of 4.40 levs apiece, the company said in a bourse filing. Shares will have a par value of 1 lev each.
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The offering will be considered successful if at least 114,125 shares are subscribed for, Mellifera said.
If all shares are subscribed for, the company will increase its equity capital to 1.1 million shares, all of which will be admitted to trading on the BEAM growth market of the Bulgarian Stock Exchange.
Bulgarian asset manager Ug Market is acting as advisor on IPO.
Mellifera plans to expand its manufacturing and launch new products in 2023, the company said in an emailed statement on Tuesday.
"Our ambition is to continue growing, and the listing of BEAM is the shortcut to accelerated development - because the markets are waiting for us. Global trends mark a serious growth in our segment and we must definitely take advantage of this," founder Biljana Lowndes-Nikolova noted in the statement.
Mellifera is offering honey-based products to provide natural energy boost mainly to people active in sport. In addition to honey, Mellifera uses additional natural ingredients such as guarana, matcha tea and others. The firm is already marketing a number of products, including MelliGEL, MelliTONIC and others.
Mellifera now plans to also develop products for users outside the sport segment.
(1 euro = 1.95583 levs)