Agria Group Holding's IPO Starts Today

Agria Group Holding's IPO Starts Today

The initial public offering of 1.7 mln shares of Agria Group Holding starts today (November 29) and will continue through December 3.

The indicative range for the price per share is between 9 and 13 leva, and it will be determined via the book-building method.

In case of a successful subscription the company's free-float will reach 25% at a core capital in the amount of 6.8 mln leva (3.476 mln euros).

The maximum amount that Agria Group may raise in the IPO is 22.1 mln leva (11.300 mln euros), which will be used to fund the company;s investments program.

Agria Group's largest project at the moment if the construction and launching into exploitation of a biofuel plant in the town of Devnya. The company's investment program requires some 15-16 mln euros, more than 50% of which will be consumed by the construction of the biodiesel plant.

The rest of the funds will be invested in the company's activities in the manufacturing industry, the food industry, and in agribusiness - in acquisition of agricultural equipment, construction and reconstruction of irrigation systems in the holding's land plots.

At the end of September consolidated profit stood at 2.319 mln leva (1.185 mln euros), which exceeds prognosis by 50%.

Agria Group Holding's revenues (40.5 mln leva, 20.707 mln euros) come from the following activities: 57% from manufacturing industry, 20% food industry, 12% agribusiness, and 11% renewable energy sources.

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