July 11 (SeeNews) - Bulgarian pharmaceuticals maker Sopharma [BSE:SFA] said that it is planning an initial public offering of 26,959,580 warrants at an issue price of 0.48 levs ($0.25/0.24 euro) apiece.
The warrants will give their holders the rights to subscribe for Sopharma shares at a price of 6.10 levs each within a five-year period after the issuance, Sopharma said in a stock exchange filing on Friday.
The placing will be considered successful if at least 13,479,790 warrants are subscribed and paid for.
The issue needs to be cleared by the company's board of directors and submitted for approval by Bulgaria's financial regulator.
MK Brokers will act as financial intermediary for the proposed transaction.
Sopharma raised 12.6 million levs via a warrant issue in December, after placing 44,925,943 warrants which give holders the right to subscribe for company shares in a future capital increase at a price of 4.13 levs per warrant.
Shares in Sopharma closed without change at 4.62 levs on the Bulgarian Stock Exchange on Friday.
(1 euro = 1.95583 levs)