May 31 (SeeNews) - Bulgarian poultry producer Gradus said on Thursday that its initial public offering (IPO) on the Bulgarian Stock Exchange will run for two days, June 18 and June 19.
Gradus will offer 55.6 million shares, equal to a 25% stake in the company, of which 27.8 million already existing shares and an additional 27.8 million new shares, Angel Angelov, the company's CEO, said during a presentation.
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The shares can be subscribed for between 1.80 levs and 2.35 levs ($1.07-1.40/0.92 -1.20 euro).
The IPO has an over-allotment option under which the company's owners can decide to offer an additional 6.6 million shares.
The minimum requirement for the IPO to be considered successful is that investors subscribe for and pay for 36.1 million shares, or 65% of the total number of offered shares.
If all shares, including the greenshoe, are subscribed for at the maximum price of 2.35 levs per share, Gradus will raise a total of 146.2 million levs.
The IPO also envisages a lock-up period of 12 months, during which the company's majority owners cannot sell their shares in Gradus.
(1 euro = 1.95583 levs)