SOFIA (Bulgaria), February 21 (SeeNews) - Online betting and gambling company Telematic Interactive Bulgaria said on Monday that it raised over 16 million levs ($9.3 million/8.2 million euro) in an initial public offering (IPO) on the Bulgarian Stock Exchange (BSE) that was 80% subscribed.
The company received offers from 434 legal entities and individuals from Bulgaria and abroad for 320,000 shares, representing 80% of the total offering, during the subscription period that ran from February 14 to 18, it said in a statement.
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The price achieved in the IPO is 50 levs per share, at the bottom end of the 50-to-75 levs target range set by the company.
Earlier this month, Telematic Interactive Bulgaria told SeeNews that it will launch a 20 million levs IPO on the BSE, aiming to increase its capital by 10% by offering to investors 400,000 new shares. The company also said that if investor interest is high, its majority owner, local Eldorado Corporations, will offer up to 400,000 existing shares in the IPO in order to achieve higher liquidity. The funds raised in the IPO will help the company expand towards new markets, with preparations for entering the market in Peru now underway, Telematic said at the time.
Telematic has a registered capital of 4.0 million levs distributed into the same number of shares, commercial register data showed.
Telematic Interactive Bulgaria provides business-to-consumer (B2C) and business-to-business (B2B) services. The B2C segment is served by the Palms Bet brand under which Telematic Interactive Bulgaria operates within Bulgaria, while in the B2B segment is served by Telematic's subsidiary CT Interactive which provides game content to international contracting parties.
(1 euro = 1.95583 levs)