Bulgaria's Gradus shares rise 2.8 pct on market debut (updated)

First Investment Bank AD

06/08/2018 11:27

(Adds detail, updates shares)
    SOFIA, Aug 6 (Reuters) - Shares in Bulgaria's leading
poultry producer Gradus  GR6.BB  rose as much as 2.8 percent in
their market debut on Monday following the second biggest
initial public offering in the Balkan country in 11 years.
    Gradus, one of Europe's largest producers of hatching
chicken eggs, raised 81 million levs in June valuing the company
at 438.5 million levs ($259.3 million). 
    The company's shares were up 1.95 percent at 1.835 levs
($1.09) as of 0945 GMT, slightly above their issue price of 1.8
levs ($1.06).
    Gradus' IPO was the second biggest in Bulgaria following
First Investment Bank's 2007 IPO which raised 107 million levs.
    The company, whose annual revenue was 246 million levs last
year, plans to use the proceeds to expand its production.
    
    

($1 = 1.6911 leva)

 (Reporting by Tsvetelia Tsolova and Angel Krasimirov; editing
by Jason Neely and Emelia Sithole-Matarise)
 ((tsvetelia.tsolova@thomsonreuters.com; +359-2-93-99-731;))