February 9, 2018 / 11:13 AM / 8 months ago

Bulgarian poultry producer Gradus plans $63 mln IPO in Sofia

SOFIA, Feb 9 (Reuters) - Bulgaria’s leading poultry producer Gradus said on Friday it plans to raise over 100 million levs ($62.70 million) in an initial public offering (IPO) at the Sofia bourse in the middle of the year.

“This will be the largest IPO in the country after the financial crisis last decade and will offer investors access to one of fastest growing sectors, the food industry,” the company said in a statement.

The company, which is also one of the largest producers of fertilised eggs in Europe, is expected to file a prospectus with the financial regulator in early April, First Financial Brokerage House, which is managing the IPO, said.

Gradus, which has revenues of around 200 million levs last year and profit of 34 million levs, said it planned to use the proceeds to expand its production.

The IPO will be the largest at the Bulgarian Stock Exchange since 2007, when First Investment Bank raised 107 million levs.

$1 = 1.5948 leva Reporting by Tsvetelia Tsolova. Editing by Jane Merriman

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