Bulgarian fund HR Capital, specialized in investments in digital transformation businesses, was able to successfully attract c. BGN 1.5m from its IPO on December 15th on the growth segment BEAM on the Bulgarian Stock Exchange (BSE). The Company placed all the offered 330k newly issued shares at issue price of BGN 4.48 and nominal value of 1.00 BGN per share. The IPO set a record for the highest interest on BEAM oversubscribing 10.6 times. HR Capital plans to use the proceeds from the IPO for new investments as well as for reinforcing the current portfolio of companies and VC funds.
As previously defined, due to oversubscription of above 1.5x, the existing shareholder Web Finance will exercise green shoe option, resulting in 220k existing shares offered on December 17th. The offering will be at an open auction with a minimum price of BGN 4.48 per share (same as the IPO price of the first day). However, there is no upper limit price set for the auction.