Sirma Group IPO Opens on Sept 16

The initial public offering (IPO) of Bulgarian IT enterprise Sirma Group is planned to open on September 16 2015. The final schedule will be announced additionally, after publication of the notice of public offering, according to Art. 92a, p. 1 of LPOS.

The prospectus for the initial public offering of Sirma Group Holding was approved by the FSC on July 21, 2015. Investors will be offered a total of 18,491,858 ordinary shares, of which 16 million are new shares and 2,491,858 existing shares with a par value of 1 lev (BGN) each. The issue price has been set in the 1.2 – 1.65 levs ($0.68-0.94/0.61-0.84 euro) range.

The IPO will be considered successful if at least 8 million shares are subscribed for.

According to the preliminary schedule investors can file their applications for subscription of shares in the course of 30 days starting September 16, as the final issue price is to be announced on October 16. In case they are oversubscribed, within a 5 day period existing shareholders will have the right to offer for sale 5% of the shares they hold. The deadline for payment of the subscribed shares is expected to be October 30.

If the IPO is successful, the Sirma Group shares are anticipated to begin trading on the Sofia SE by the end of the year. The implementation of the proposed number of shares of Sirma’s IPO will be considered as the largest deal held in Bulgaria since 2007.

The prospectus for the public offering, the timetable for its implementation and other information can be found on the website of ELANA Trading.

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