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Sep 13, 2023 11:34 EEST
September 13 (SeeNews) - The Bulgarian Stock Exchange [BUL:BSE] said that it has created a new stock index, beamX, comprising companies traded on the bourse's beam market - the growth segment for small and medium enterprises (SMEs).
The calculation of the beamX will start on September 18 at an initial value of 100 points, the BSE said in a press release on Tuesday.
The first ten SMEs that will constitute the index will be ranked based on four equally-weighted criteria: free-float market capitalisation, number of deals, turnover for the past six months and number of shareholders.
Launched at the start of 2021, the beam market currently comprises 16 stocks, including electric vehicle (EV) manufacturer Sin Cars Industry [BUL:SIN], biometric identification security systems developer Biodit [BUL:BDT], investment firm MFG Invest [BUL:MFG] and solar photovoltaic (PV) equipment supplier AmonRa Energy [BUL:AMON]. The company with the highest capitalisation at present is health food producer Smart Organic [BUL:SO], which is worth 173.2 million levs ($95.1 million/88.6 million euro), bourse data shows.
The beam market applies more flexible terms for listing and trading of companies, enabling them to raise funds more easily compared with the main regulated market. Businesses can raise up to 8 million euro without needing to seek approval from the Financial Supervision Commission of a prospectus for an initial public offering (IPO) or a capital increase.
Two IPOs took place on the beam market in the first half of this year, according to BSE's latest interim financial statement. The most recent listing was of financial leasing company IpoTech Sofcom [BUL:IPSP], which made its trading debut in July after raising 2.4 million levs in an IPO in June.
(1 euro = 1.95583 levs)
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