Three Deals Make up Half of Volume on First Day of Bulgaria's Gradus IPO

Three Deals Make up Half of Volume on First Day of Bulgaria's Gradus IPO

Three deals for a total of 22 million shares of Gradus [BUL:GR6T] constituted half of the volume subscribed for in the first day of the poultry producer's initial public offering (IPO) on the stock exchange in Sofia on Monday, bourse data shows.The three transactions, all priced at 1.8 levs ($1.07/0.92 euro) per share, were for 10.86 million, 6.55 million and 4.60 million Gradus shares, respectively.A total of 43,961,878 Gradus shares were subscribed for at the minimum price of 1.8 levs apiece on the first day of the IPO, exceeding the success threshold of 36.1 million shares.The IPO auction will continue on the Bulgarian Stock Exchange on Tuesday. The remaining 11,593,678 Gradus shares will be offered for subscription in the price range of 1.80 levs to 2.35 levs apiece.The IPO of Gradus is expected to be the largest one held on the BSE in the past 11 years.(1 euro = 1.95583 levs)

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