Paysera Bulgaria raises 588,000 euro in IPO

A total of 236 investors subscribed for 94,418 company shares on the BEAM growth market of the BSE, Paysera Bulgaria told SeeNews in an emailed statement on Wednesday. The company's valuation now stands at over 10 million levs.

The company offered up to 163,000 ordinary shares at a price of 12.20 levs apiece.

The proceeds will be used to prepare Paysera Bulgaria to obtain a licence for an electronic money institution, meet regulatory and capital requirements, develop core payment services and establish a mortgage-focused collective financing subsidiary.

The IPO will allow the company to provide better digital payment services in Bulgaria and Romania and expand its customer base, Paysera said earlier.

Paysera Bulgaria has a subsidiary in Romania, in which it holds a 95% stake.

The Paysera group is a global online platform for digital payment services and has been a licensed electronic money institution since 2012. The group comprises a partner network in Lithuania, Latvia, Estonia, Bulgaria, Romania, Albania, Kosovo, Ukraine and Georgia.

(1 euro = 1.95583 levs)