SOFIA (Bulgaria), November 12 (SeeNews) – Bulgarian consultancy company Neo London Capital said it will launch an initial public offering (IPO) on the Sofia bourse on November 17 aiming to raise 40 million levs ($22 million/20.5 million euro) to finance investments in residential property in Britain.
The window for subscribing and purchasing shares from the IPO will be open from November 17 till December 18, the company said in a statement published on its website last week.
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Neo London Capital will offer investors 400,000 shares with a nominal value and issue price of 100 levs each, it said in July in an IPO prospectus posted on the website of the IPO manager - local brokerage BenchMark.
All of the target projects will be located in London and will be co-funded with loans from UK main banks whilst Neo London Capital intends to provide equity finance ranging between 15 and 30% of the project budgets, it also said. The expected completion term is between two and three years from initiation of a project.
Neo london Capital also said its concept is to invest in fully permitted construction or property conversion process and to dispose of the completed residential, office or commercial units, targeting annual returns in excess of 25%.
Neo London Capital's own capital stood at 50,000 levs as of March 31, according to data contained in the IPO prospectus. So far, it has been offering only consultancy services. The company's revenues last year added up to 1,000 levs.
(1 euro=1.95583 Bulgarian levs)