Bulgaria's Smart Organic moves to main market of Sofia bourse

Smart Organic's shares are now trading on the standard segment of the BSE's main market, the bourse operator said in a statement.

"We welcome Smart Organic as the pioneer who took the step and from the growth market BEAM is now traded on our big market. It is the first established representative of the biofoods sector on the capital market and it is indicative that a company from this sector is the first to enter the main market", BSE board deputy chairman and Central Depository CEO Vasil Golemanski said.

Additionally, the company is undergoing a capital increase, offering up to 1.03 million new shares at a price of 19 levs ($10.52/9.71 euro) apiece with a par value of 1 lev each. Smart Organic seeks to raise nearly 20 million levs to expand its production capacity.

Last week, Bulgaria's financial regulator approved the prospectus for admission to trading of Smart Organic's current equity capital of 10.31 million shares, along with the planned capital increase, on the regulated market of the Sofia bourse.

The company began trading on the BEAM growth market of BSE at the end of 2021, following an initial public offering (IPO) that was oversubscribed nearly twice, in which it raised almost 5.9 million levs.

As of 1337 CEST on Thursday, shares in Smart Organic traded 13.57% higher at 22.60 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)