November 11 (SeeNews) -
The initial public offering (IPO) of Sofia-based producer and distributor of organic products Smart Organic was oversubscribed nearly two times, the Bulgarian Stock Exchange (BSE) said on Thursday.
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Smart Organic raised close to 6 million levs ($3.5 million/3.1 million euro) in the IPO held on the BSE's small and medium-sized enterprise (SME) growth market BEAM, the bourse said in a statement.
Last week, Smart Organic said that it will seek to raise 3 million euro ($3.4 million) in its IPO by offering up to 310,000 ordinary shares with an issue price of up to 18.90 levs but no less than 15.30 levs on the BEAM market. The IPO will be considered successful if a least 200,000 shares are subscribed and paid for.
Earlier this year, Smart Organic said that it plans to use the proceeds of the IPO to finance the acquisition of an unnamed German competitor and the construction of a new production plant. Last week, Smart Organic's founder and owner Yani Dragov said that the company intends to list on the Frankfurt Stock Exchange in the long-term perspective if it manages to wrap up the acquisition of the unnamed Germany-based peer.
Smart Organic was founded in Sofia in 2009 and is currently among the leading producers and distributors of organic food in Europe. Through its network of distributors and retailers, the company's products are available in more than 60 countries worldwide - in the EU, as well as in Asia and the Americas, according to information published on Smart Organic's website. The company is making most of its products at its own factory in Sofia which spreads on over 6,000 sq.m.
(1 euro = 1.95583 levs)