SOFIA (Bulgaria), August 13 (SeeNews) – The initial public offering (IPO) of Bulgarian software developer Sirma Group on the Sofia bourse will open on September 16, Elana Trading, which is managing the offering, said.
Investors can file their applications for subscription of shares in the course of 30 days starting September 16, Elana Trading said in a press release on Wednesday.
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The issue price has been set in the 1.2 - 1.65 levs ($0.68-0.94/0.61-0.84 euro) range, as the final issue price is to be announced on October 16.
If the IPO is successful, the Sirma Group shares are expected to start trading on the Sofia bourse by the end of the year, Elana Trading also said.
The IPO will be considered successful if at least 8 million shares are subscribed for.
Investors will be offered 16,000,000 newly issues shares with a par value of 1 lev each. In case they are oversubscribed, within a 5 day period existing shareholders will have the right to offer for sale 5% of the shares they hold, or 2,491,858 existing shares with a par value of 1 lev each in total, as they can be subscribed for by investors who have filed subscription applications.
The deadline for payment of the subscribed shares is expected to be October 30.
Sirma Group Holding, founded in 1992 simultaneously in Bulgaria and Canada, employs more than 300 and operates on five continents. Its projects include semantic technology, mobile applications, enterprise resource planning (ERP), business intelligence, electronic government, financial and bank services.