Oct 16 Bulgaria’s leading IT developer Sirma Group expects to raise 11.5 million levs ($ 6.67 million) after 60 percent of its initial public offer was subscribed to, the lead manager of the issue Elana Trading said on Friday.
Sirma, which plans to raise up to 26.4 million levs, in the Bulgaria’s biggest offering since 2008 has received offers for more than 9.5 million new shares, which it will now sell at the lower range of its price guidance of 1.2 levs per share.
Sirma’s IPO is the first on the Bulgarian stock exchange in almost two years, with the European Union’s poorest country grappling with sluggish economic growth since the 2009 global financial crisis.
Trade in Sirma shares is planned to start on Dec 16 at the Sofia bourse. ($ 1 = 1.7241 leva) (Reporting by Angel Krasimirov, editing by William Hardy)