Poultry company Gradus holds Bulgaria's biggest IPO in 10 years

Poultry company Gradus holds Bulgaria's biggest IPO in 10 years
Gradus Holding founders Ivan and Luka Angelovi receiving Bulgarian Farmer magazine’s Agribusinessman of Bulgaria award for their efforts to modernise the industry.
By bne IntelliNews June 19, 2018

Bulgaria’s biggest poultry company Gradus sold 43,961,878 shares during the first day of listing of its shares on Bulgarian Stock Exchange in the biggest IPO for the past 10 years, bourse data showed on June 18.

Gradus announced plans for an IPO in February, seeking to raise its capital by at least BGN100mn (€51.1mn).

On June 18, the IPO exceeded the success threshold of 36.1mn shares, according to bourse data. The IPO auction will continue on Tuesday.

Trade in Gradus shares generated a turnover of BGN79.1mn. Gradus has offered 25% of its shares, distributed in 55.6mn shares, at a price range of BGN1.80-2.35.

The poultry company plans to invest the money in the upgrade and expansion of its production facilities. The company wants to gain more international markets and to develop a relatively new line of production for pork and pork products.

Previously, First Investment Bank raised BGN107mn from an IPO in 2007, while the most successful recent listings were for between BGN10mn and BGN13mn.

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