Sirma Group Holding, the largest Bulgarian ICT group and one of the largest in South Eastern Europe, will open IPO on 16th September 2015. This IPO is expected to raise capital of up to BGN 26.4 mln. (EUR 13.5 mln.), which would make it the biggest one on the Bulgarian Stock Exchange since 2007 before the financial crisis. Apart from that, Sirma Group Holding is most awaited also because the Bulgarian Stock Exchange will finally have a representative of the fastest growing local sector – the IT industry. According to the 2014 data by the Bulgarian Association of Software Companies (BASSCOM), local software industry forms 1.74% of the Bulgaria’s GDP and a 15% increase of revenues is anticipated for 2015 reaching BGN 1.37 bln. BASSCOM survey concluded 60% of the sales in the industry come from export, core markets being the US, Canada and Western Europe.
Sirma Group Holding is a well-diversified IT group tapping on numerous fast growing areas from software engineering to e-government. Established 23 years ago, currently it manages 20+ subsidiaries specialized in software engineering, semantic technologies, big data, system integration, business consulting, cloud and mobile technologies, e-government and packaging CAD/CAM systems. The group has successfully completed hundreds of ICT projects across Europe, USA, Latin America, Asia and Africa. Among their partners and customers are multinational IT giants like Oracle, Microsoft, IBM, Hewlett Packard, Siemens, as well as public and governmental institutions. Among the champion projects of the group are the platforms for dynamic semantic publishing for the BBC’s web portals for the 2010 FIFA World Cup and the 2012 Summer Olympics in London, the Financial Times and AstraZeneca. A few months ago one of the subsidiaries launched a new platform for collaborative work and process management of cultural artifact restoration at the National Gallery, Washington DC, and the Metropolitan Museum, New York, USA.
IPO terms outline:
Number of shares to be offered: A total of 18 491 858 shares: 16 mln. new shares and in case of oversubscription 2,491,858 existing shares
Issue price range: BGN 1.20 – BGN 1.65 ($0.68-0.94/0.61-0.84 euro)
Success of IPO: It will be considered successful if minimum of 8 mln. shares are subscribed and paid
Start of subscription: 16th September 2015
Final date of the initial public offering – 21.10.2015.
Total number of shares offered for subscription – up to 18 491 858 (up to 16 000 000 New shares and up to 2 491 858 existing shares in case of oversubscription).
Actual number of shares subscribed and paid – 9 523 362 New shares.
Amount received in the special raising account opened in “UniCredit Bulbank” AD – BGN 11 428 034.40.
Timetable of the IPO of Sirma Group Holding Jsc
|1. Approved IPO prospectus by the Financial Supervision Commission||21.7.2015|
|2. Announcement for the public offering in line with Art. 92a from POSA on Issuer’s and IPO manager’s websites||28.8.2015|
|3. Announcement for the public offering in line with Art. 92a from POSA in the Commercial register||8.9.2015|
|4. Announcement for the public offering in line with Art. 92a from POSA in “Capital Daily” and “Sega”||8.9.2015|
|5. Start of the public offering||8.9.2015|
|6. Start of 30 days period for orders’ submission||16.9.2015|
|7. Final day for orders’ submission||15.10.2015|
|8. IPO price announcement||16.10.2015|
|9. Allotment list announcement for new shares||16.10.2015|
|10. Final day for shares payment||21.10.2015|
|11. Notification as per the result of the IPO to the Financial Supervision Commission||26.10.2015|
|12. Registration of the capital increase in the Commercial register||3.11.2015|
|13. Registration in the central depository||17.11.2015|
|14. Registration at FSC||1.12.2015|
|15. Registration at the Bulgarian Stock Exchange – first day of trading and date for the deals with the existing shares||11.12.2015|