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Bulgaria's Sin Cars IPO oversubscribed three times

Bulgaria's Sin Cars IPO oversubscribed three times SIN S1 car; Source: Sin Cars

SOFIA (Bulgaria), June 1 (SeeNews) - The Bulgarian Stock Exchange (BSE) said on Tuesday that the initial public offering (IPO) of local electric car maker Sin Cars Industry was oversubscribed three times.

Sin Cars offered for subscription 2 million ordinary shares at a price of 1 lev ($0.62/0.51 euro) each on the BSE's BEAM market, the stock exchange operator said in a statement.

Last week, Sin Cars said that its IPO will be considered successful if at least 250,000 shares are subscribed 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.

This is the second successful IPO on the BEAM market, the BSE noted. Earlier this year, local biometric identification security solutions developer Biodit raised 1 million levs in the first-ever IPO on the BEAM market.

The BEAM market was created with the purpose of allowing small and medium-sized enterprises to seek listing under simplified procedures as compared to the regulated market.

(1 euro = 1.95583 levs)

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