Bulgarian biometric identification security solutions developer Biodit Global Technology said that its shareholders have approved the management’s proposal to offer 2.2 million shares for subscription in an initial public offering (IPO) on the Bulgarian Stock Exchange (BSE).
The shares, which carry a nominal value of 1 lev ($0.58/0.51 euro) each, will be offered in the price range of 1.0-1.1 levs, Biodit Global Technology said in a filing to the Bulgarian commercial register on Monday.
Currently, the company has a registered capital of 12.5 million levs, divided into the same number of shares.
The IPO will be considered successful if at least 1 million shares are subscribed for and paid for.
In addition, the company’s shareholders approved a proposal to change the company’s name from Biodit Global Technology to Biodit.
Last year, Biodit Global Technology said that it intends to seek financing under the SME Promotion Agency’s voucher scheme in order to finance the cost of its planned initial public offering.
The EU-backed voucher scheme envisages granting vouchers of 50,000 levs each to Bulgarian micro, small and medium-sized enterprises (MSMEs), intended to cover the costs of an IPO on the Sofia bourse. Companies receive the funds only if they successfully raise 500,000 levs or more through their IPO within nine months of the voucher’s issuance.