Bulgaria's Financial Supervision Commission said that it has rejected local biometric identification security solutions developer Biodit's request for approval of an initial public offering (IPO) prospectus. The financial regulator did not disclose the motives for its decision in its statement issued on Thursday. Biodit was planning to offer 2.2 million shares for subscription in the 1.0-1.1 levs ($0.57-0.62 / 0.51-0.56 euro) price range. The FSC's decision can be appealed before the Sofia Administrative Court within 14 days of its publication date. Currently, Biodit has a registered capital of 12.5 million levs, divided into the same number of shares. Earlier this year, Biodit received a voucher from the Bulgaria's SMEs promotion agency, which was aimed at covering the expenses related to the company's IPO.