May 29, 2018 / 10:43 AM / in 21 days

Bulgarian poultry producer Gradus to float 25 pct stake in $86 mln IPO

SOFIA, May 29 (Reuters) - Bulgaria’s leading poultry producer Gradus plans to float about 25 percent of its business on the Sofia bourse to raise up to 146 million levs ($86 million), it said on Tuesday.

Gradus will offer 55.6 million new and existing shares in what would be Bulgaria’s biggest initial public offering (IPO) since First Investment Bank in 2007.

The company, one of Europe’s largest producers of fertilised chicken eggs for hatching, said it will offer an additional 6.6 million shares pending investor interest and use the proceeds to expand production.

The price of the offering is expected to be between 1.8 levs and 2.35 levs per share, it said, with the aim of launching by the end of June.

Gradus had net profit of close to 40 million levs last year on revenue of 246 million levs. ($1 = 1.6935 leva) (Reporting by Tsvetelia Tsolova Editing by David Goodman)

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