June 21 (SeeNews) - Bulgarian financial leasing company IpoTech Sofcom raised some 2.4 million levs ($1.3 million/1.2 million euro) in an initial public offering (IPO), the Bulgarian Stock Exchange (BSE) said on Wednesday.
The IPO held on the BEAM growth market of the BSE is successful, the bourse said in a statement.
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IpoTech Sofcom, however, did not reach the maximum amount of 3 million levs it planned to raise in the IPO. The company offered 1 million shares with a par value of 1 lev each at a price of 3 levs apiece.
Local pawnshop chain operator Sofia Commerce-Pawn Brokerage [BUL:SCOM], who until now was IpoTech Sofcom's sole owner, subscribed to 49,747 shares from the IPO, it said in a separate statement.
The company will use the proceeds from the offering to expand its loan portfolio, IpoTech Sofcom CEO Irena Vacheva told SeeNews earlier.
Sofia-based IpoTech Sofcom, formerly Sofkom Lizing, is specialised in non-bank mortgage lending.
(1 euro = 1.95583 levs)