Investors have subscribed a total of 2,603,614 shares, or 24.4% of all shares offered by Mekom Jsc in the company's IPO ending today.

The placement price was set at 2.20 leva, which was the minimum stated in the prospectus. The IPO proceeds amounted to 5.728 mln leva (2.92 mln euros), the company announced.

Mekom JSC offered 10,682,800 new, common, paperless, voting shares with a face value of 1 lev.

The proportion of shares placed to limit and market orders is 30/70. 40% of subscribers are institutional investors. The company's free-float now reaches 5%.

Shares will be floated on the Bulgarian Stock Exchange towards the end of April. Payment starts March 11 and the deadline is March 13.

Mekom Jsc will use the IPO proceeds to fund its investment program.

United Bulgarian Bank was the IPO underwriter, Allianz Bulgaria was co-manager.