Biodit’s initial public offering was oversubscribed 2.5 times, data after the event says. The Bulgarian startup, which develops and produces access control systems based on biometric identification, announced last December that it will offer 1 million ordinary dematerialized shares at a price of BGN1 each, as this is the first tranche of the company’s offering of 1.95M shares. In a press release, the company stated that it has raised the maximum allowed at the BEAM market capital of BGN1M within the first few seconds after the IPO launch.
“I am grateful to all the investors for the trust and the support they gave us. Being listed on the BEAM market is a very important step for the development of the company. The money raised will be used for the planned commercial and marketing strategy,” commented Julian Sofroniev, founder of Biodit. The company will be releasing a second offering to the market in the next 12-18 months, which is expected to be bigger than the one we saw.