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Dec 06, 2022 17:17 EEST
December 6 (SeeNews) - Bulgarian investment company MFG Invest raised 4.04 million levs ($2.17 million/2.07 million euro) in an initial public offering (IPO), the Bulgarian Stock Exchange (BSE) operator said on Tuesday.
The IPO on the BEAM growth market of the stock exchange is successful, the bourse operator said in a statement.
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MFG Invest, however, did not achieve the maximum amount of 6 million levs which it targeted.
The company offered 1.78 million shares at a price of 3.38 levs apiece. As the offering was not fully subscribed, MFG will not conduct a planned auction for the sale of an additional 1 million existing shares, the company said in a separate statement.
MFG said in November that it will invest the IPO proceeds in local companies Infinno, Ondo and NewPay, while also boosting investments in its portfolio firms Tiger Technology and Eleven Fund III Cooperatief U.A. Netherlands.
Later in November, MFG said it invested 150,400 euro ($158,107) in Ondo, which is developing software and hardware to automate processes in agriculture enterprises.
(1 euro = 1.95583 levs)
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