June 19, 2018 / 2:31 PM / 6 months ago

Bulgaria's poultry producer Gradus raised $48 mln in IPO

SOFIA, June 19 (Reuters) - Bulgaria’s leading poultry producer Gradus raised 81.39 million levs ($48.11 million) in one of the biggest initial public offerings on the Sofia bourse, valuing the company at 438.5 million levs ($259.18 million).

Some 1.26 million shares were subscribed at 1.8 levs per share, at the lower end of the price range on the second day of the offering, bringing the total subscription at 81.4 percent of the offered new and existing stock.

Some 43.9 million shares were subscribed on Monday.

The issue did not break the record at the Bulgarian bourse dating back to 2007, when First Investment Bank raised 107 million levs in an IPO, but it became second largest and the biggest in the past 10 years.

Trading in Gradus shares, that is expected to have 18.6 percent free float, will start in the middle of July on the Bulgarian stock exchange. The company, also one of Europe’s largest producers of hatching chicken eggs with annual revenue of 246 million levs last year, plans to use the proceeds to expand its production. ($1 = 1.6919 leva) (Reporting by Tsvetelia Tsolova; editing by David Evans)

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