SOFIA (Bulgaria), July 22 (SeeNews) – Bulgarian software developer Sirma Group Holding said on Wednesday it has obtained approval from the country's financial regulator for its initial public offering (IPO) prospectus and expects to debut on the Sofia bourse in early September.
The company will offer investors a total of 18,491,858 shares, of which 16,000,000 new shares and 2,491,858 existing ones, with a nominal value of 1 lev ($0.5593/0.5112 euro) each, Sirma Group said in a press release.
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The IPO will be considered successful if at least 8 million shares with an issue price between 1.2 - 1.65 levs each are subscribed for.
Sirma Group will invest the proceeds from the IPO in technological and global business development.
If Sirma Group succeeds in raising the amount of money it targets, this would be the largest public offering on the Sofia bourse since 2007.
Sirma Group Holding's share capital stood at 49.8 million levs by end-March, according to its first-quarter financial statement.
Approached for comment by SeeNews, an analyst with local brokerage Karoll said it is still too early to say if the IPO would attract investor interest and be successful.
The IPO will be managed by local brokerage Elana Trading.
Software developer Sirma Group Holding, founded in 1992 simultaneously in Bulgaria and Canada, employs more than 300 and operates on five continents. Its projects include semantic technology, mobile applications, enterprise resource planning (ERP), business intelligence, electronic government, financial and bank services.
(1 euro= 1.95583 Bulgarian levs)