January 4, 2023 Announcements
ITF Group organized an initial public offering on the BEAM market of the Bulgarian Stock Exchange (“BEAM”). The IPO was held on 07 and 08 December.
The company attracted interest for nearly EUR 2,5 million. The 700,000 shares offered with an issue value of BGN 4.30 (EUR 2.20) were oversubscribed 1.6 times by a wide range of both individual and institutional investors.
As a result, all offered shares were successfully subscribed in full and the company raised the intended EUR 1.5 million capital.
According to the offering’s pro rata allocation rules for oversubscription, each investor will receive approximately 60% of the number of shares applied for.
“I highly appreciate the investors’ confidence in our company and I am committed, together with the entire management team, to work towards achieving the set goals so as to justify this confidence. I am sure that the best for the company and the investors is yet to come”, said Svetoslav Angelov, the owner and CEO of ITF Group.
It is expected that the trading in the permanent issue will commence on BEAM within the following two weeks.
ITF Group is already known to investors with its bond issue in 2019. The bond was for the amount of EUR 2,5 million with 7 year term and 10% fixed annual interest and is also being traded on the Bulgarian stock exchange.
Now with the public offering the company makes a second important step confirming transparency and willingness to further strengthen investors trust
The company will use the funds to speed up it’s growth.
Source: ITF Group press release
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