June 14 (SeeNews) - Bulgarian financial leasing company IpoTech Sofcom said on Wednesday that it will carry out on June 21 an initial public offering (IPO) on the BEAM growth market of the Sofia bourse, seeking to raise up to 3 million levs ($1.66 million/1.53 million euro).
IpoTech Sofcom will offer up to 1 million shares with a par value of 1 lev each, priced at 3 levs apiece, the company said in a bourse filing.
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The offering will be considered successful if at least 300,000 shares are subscribed and paid for.
If all shares are subscribed for, IpoTech Sofcom will increase its equity capital to 4 million shares, all of which will be admitted to trading on the BEAM market. The shares are expected to start trading on July 12.
The company will use the proceeds from the IPO to expand the portfolio of loans it offers, IpoTech Sofcom CEO Irena Vacheva told SeeNews over the phone on Tuesday.
Bulgarian asset manager Ug Market is acting as advisor on the deal.
IpoTech Sofcom is a wholly-owned subsidiary of local pawnshop chain operator Sofia Commerce-Pawn Brokerage [BUL:SCOM]. In April, the company changed its name from Sofkom Lizing and increased its capital to 1.23 million levs from 1 million levs.
(1 euro = 1.95583 levs)