Bianor Holding intends to raise up to BGN 9.3m; acquires two companies (NEUTRAL)
Source: Bianor Holding; FFBH
Bianor Holding announced that as a result of decision by the BoD, the company will attempt to raise up to BGN 9 265 000 through offering up to 545 000 shares with nominal value of BGN 1.00 and issue price of BGN 17.00 each. Note that the last price of Bianor Holding is BGN 19.80. The offering will be considered successful if at least 106 000 shares are subscribed and paid for. In relation to the offering, each of the existing 675 222 shares will be assigned one right, which will allow for the subscription of 1.238939449 new shares. The offering prospectus is pending approval by the FSC.
In a separate press release, Bianor Holding announced that it has signed a final agreement for the acquisition of 100% of two companies – ITIDO and Databreathe. 2022 pro forma consolidated revenue of the three companies is BGN 11m (+37% YoY). Note that Bianor’s 2022 consolidated revenue came to BGN 4.7m, up by 8.8% YoY. The acquisitions are in line with Bianor’s strategy to support its organic growth through consolidating other Bulgarian software companies. The press release notes that the founders of ITIDO and Databreathe are expected to become significant shareholders in Bianor, which indicates that they will likely participate in the upcoming capital raise. The price of the deals was not announced.