According to a plan from today, July 1, the shares of the manufacturer of veterinary drugs “Huvepharma” were to be traded on the stock exchange in Amsterdam, and it should be the most expensive public company with Bulgarian owners. However, this will not happen, as the company controlled by the brothers Kiril and Georgi Domuschievi announced that they are putting their initial public offering (IPO) plans on hold.
The bidding started last week and the deadline was June 30, and the results were to be announced the next day. Instead, however, the cancellation of the procedure was announced, through which Huvepharma aimed to receive EUR 300 million, and separately the current shareholder (Domuschiev’s company “Advance Properties”) to sell part of its shares for over EUR 200 million. , keeping at least 85% of the capital. Although not explicitly stated by the company, the reason is probably weaker than expected market interest.
Rethinking
The official statement quoted Kiril Domuschiev, who explained the decision as follows: “Our business is highly profitable, generating cash and growing faster than the sector, as growth is supported by global demand for high quality animal protein. During this process we had a very valuable and intensive From their feedback, it became clear that the company’s current medium-term growth trajectory can best be secured by remaining private, which will preserve flexibility and an entrepreneurial culture. the IPO project at a later date. “
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