This is the first IPO of the Growth Market of the Bulgarian Stock Exchange - BEAM
We are proud to announce that one of the fastest growing members of the Bulgarian Industrial Association - the technology company Biodit will make its initial public offering (IPO) on January 21, 2021. This is the first IPO of the Bulgarian Growth Market Stock exchange - BEAM.
The news was brought personally by Yulian Sofroniev, CEO of Biodit, during a meeting with BIA Chairman Radosvet Radev.
Biodit is a Bulgarian technology company, founded in 2015, specialized in the development of home and corporate security solutions based on biometric data. The company also manufactures devices for access control and time attendance, as well as the only biometric system of its kind for the prevention of car theft - CarSec. The capital of the company amounts to BGN 12.8 million, and NEVEQ II and Imventure funds are among its shareholders. The main asset of the company is intellectual property, which is valued at 4.2 million euros and is registered with the Patent Office of the Republic of Bulgaria. Due to the delay in entering the capital market, the company has decided to raise venture capital to implement its expansion plan.
During the auction up to 1 million shares of the company will be offered - ordinary, registered, dematerialized shares, each with a nominal and issue value of BGN 1.
In case all shares of the increase are subscribed, the capital of the company will increase to 13,820,583 shares, and all issued securities will be admitted to trading on the BEAM market.
If no less than 250 thousand shares are subscribed for and bought, the offer will be considered as successful and the capital will increase - the minimum amount of the issue.
Each person can subscribe for at least 1 share of the offered. Investors who wish to subscribe for shares may submit an order for subscription of shares no later than the end of the call phase of the IPO auction on 21.01.2021. The subscription of new shares is done by submitting an order to the authorized investment intermediary Karoll AD or to another investment intermediary - member of Central Depository AD.
There are two types of orders that can be submitted - limited and market. The priority of execution of market orders is the time of their introduction, while the price stands as a priority for limited orders. Market orders are executed with priority over limited orders. The offering will continue until the quantity of the offered shares within the auction is exhausted.
The results of the offer are expected to be announced on January 26.
What will the raised funds be used for?
In the next 12 - 18 months the efforts of Biodit AD will be focused on increasing sales and strengthening the position of market leader in the field of biometrics on the Bulgarian market and active entry into various European markets by providing high-tech products for access control and time attendance, the company said.
For the last 18 months the company managed to acquire a market share of about 4% in the sector of manufacturing enterprises with a staff of over 100 employees in Bulgaria. Between 10,000 and 20,000 workers a day use the company's high-tech products and biometric systems to control access and time attendance. As a sign of the long-term development prospects of Biodit AD, its majority owner stated that it will not sell shares in the company in the next 24 months.
The team of the Bulgarian Industrial Association wishes Biodit AD success!