May 28 (SeeNews) - Bulgarian supercar maker Sin Cars Industry will carry out its 2 million levs ($1.3 million/1 million euro) initial public offering (IPO) on the Bulgarian Stock Exchange's BEAM market on June 1, the stock exchange operator said.
Sin Cars Industry will offer 2 million shares at a price of 1 lev apiece, documents published by the BSE show.
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The IPO will be considered successful if at least 250,000 are subscribed for and paid for.
The company intends to use the proceeds of the IPO to start mass production of electric vehicles, which it plans to export mainly to Western Europe.
The BSE's SME growth market BEAM was created with the purpose of allowing small and medium-sized enterprises to seek listing under simplified procedures as compared to the regulated market. Earlier this year, Bulgarian biometric identification security solutions developer Biodit [BUL:BDT] completed the first IPO on the BEAM market, raising 1 million levs.
(1 euro = 1.95583 levs)