Bulgaria – Hydrogenera targets up to 5 mln euro in IPO
June 5 (SeeNews) – Bulgarian hydrogen technologies developer Green Innovation, operating under the Hydrogenera brand, plans to raise up to 9.75 million levs ($5.7 million/5 million euro) through an initial public offering (IPO) to fund the expansion of its hydrogen business, Bulgaria’s financial regulator said.
Hydrogenera plans to offer for subscription up to 500,000 new voting shares of 1 lev ($0.58/0.51 euro) in par value apiece, priced between 12 levs and 20 levs each, the Financial Supervision Commission (FSC), which approved the IPO prospectus, said in a statement on Wednesday.
The offering will be considered successful if at least 100,000 new shares are subscribed and paid for, according to the prospectus.
Hydrogenera plans to use the funds for capital and operating costs, and to support the growth of its hydrogen technology production and supply.
Karoll Brokerage will act as investment intermediary on the IPO. The securities will trade on the standard equities segment of the Bulgarian Stock Exchange (BSE).
If the IPO is successful, the company’s existing 4.25 million shares will also be admitted to trading on the BSE.
Hydrogenera, founded in 2016, develops technologies for the production and storage of hydrogen from renewable energy sources. The company holds an 80% stake in Green Storage Solutions, a local developer of metal-hydride technology for hydrogen storage.
(1 euro = 1.95583 levs)
READ the latest news shaping the hydrogen market at Hydrogen Central
Bulgaria – Hydrogenera targets up to 5 mln euro in IPO, source
