Gradus plans BGN 100m IPO on the Bulgarian Stock Exchange


Leading Bulgarian poultry producer Gradus plans BGN 100m IPO in Sofia, local newspaper Capital reported based on information from the company. The IPO is expected in mid2018.

The entity to be listed is one of the biggest vertically integrated poultry processing groups in Bulgaria consolidated under the Gradus brand. It includes a feed mill, hatcheries, parent breeding and broiler fattening farms as well as meet processing facilities. Additionally, it includes a pork meat products processing operations under the “I eat” brand (Az Iam). If successful, the Company’s IPO is to be the 2nd biggest on the Bulgarian capital market after the successful BGN 107m IPO of First Investment Bank in 2007.

Executive director Angel Angelov commented in an interview for that the Company has reached the stage of development to become a public company. “Bulgarian stock market deserves a market player like Gradus, we realise all the positive dimensions of the public status”– he said to He pointed out that there is a demand for a company like Gradus and the Bulgarian Stock Exchange harbours great potential. “Listed companies helps a better exposure on international markets, improves communication with foreign investors and transparency. All successful companies around the globe have gone the same way”, added Angelov.

More to come on Gradus IPO

No immediate details as to the planed size of the capital raise from a current BGN 220m nominal capital were disclosed. Yet, it is expected to be the 20% to 30% range which would value the Company in the BGN 330m to BGN 500m or 10x to 15x P/E ttm.

Gradus is a family business founded and currently owned by the Angelov brothers Ivan Angelov ad Luka Angelov. The company expects BGN 200m in consolidated revenues and c. BGN 34m in consolidated net profit in 2017.

Gradus website