Smart Organic will attempt to raise up to EUR 3m on BEAM on November 11

22.10.2021 Source: BSE; FFBH

The bio-food manufacturer Smart Organic plans to launch its IPO on SME growth market BEAM on 11 November. The offering consists of 310 000 new ordinary shares with BGN 1.00 nominal value and issue price ranging from BGN 15.25 to BGN 18.90. The company intends to raise up to EUR 3m, which is the maximum amount allowed for the BEAM market. The proceeds from the IPO will be invested in the acquisition of a German peer as well as new 4 000 sq.m. production plant that adds up to 6 000 sq.m. own manufacturing facilities currently in use. Note that currently there are 10m issued shares which values the company on pre-IPO basis in the range BGN 153m – 189m with multiples based on 2020 results of P/E 30.3x-37.6x, P/S 4.1x-5.1x and P/B 10x-12.4x.