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Nov 22, 2022 12:35 EEST
November 22 (SeeNews) - Bulgarian investment company MFG Invest plans to carry out on December 6 an initial public offering (IPO) on the BEAM market of the Sofia bourse, seeking to raise 6 million levs ($3.15 million/3.07 million euro) to invest in new companies and strengthen its portfolio companies, it said on Tuesday.
MFG plans to invest the IPO proceeds in Bulgarian software companies Infinno and Ondo, as well as in local payment platform NewPay, it said in an emailed statement. MFG also plans additional investments in its portfolio firms Tiger Technology and Eleven Fund III Cooperatief U.A. Netherlands.
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MFG applied for admission to BEAM earlier in November with the intention of placing 1.78 million common registered shares of 1 lev in par value each at a price of at 3.38 levs apiece.
According to the latest statement, the company could propose an additional 1 million existing shares if the December 6 offering is oversubscribed. The additional shares will be offered at a price of 3.98 levs each.
MFG invests in startups and developing companies in the area of financial services, e-trade and technology. Its existing portfolio includes Payhawk, eBag, Boleron, Tiger Technology, Eleven Capital, LogSentinel, Settle, KOA, Pop and Vedamo.
The total valuation of all companies in its portfolio is about 2 billion levs.
(1 euro = 1.95583 levs)
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