Bulgaria’s FSC asks Square Cube Properties to fix IPO prospectus

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Bulgaria’s Financial Supervision Commission said that it has asked real estate investment company Square Cube Properties to provide additional information and documents regarding its request for approval of an initial public offering (IPO) prospectus.

The regulator did not provide further details in its statement, published on Tuesday.

Last month, Square Cube Properties said that its shareholders have approved the management’s plans to seek to raise up to 6 million levs ($3.5 million/3.1 million euro) in an initial public offering (IPO). The company intends to offer 6 million shares at a price of 1 lev apiece and invest the proceeds in the purchase of land and the construction of closed-type residential properties.

The IPO will be considered successful if Square Cube Properties places at least 5 million shares.

The offering will be serviced by local brokerage Capman.

Square Cube Properties was established in May and currently has a registered capital of 50,000 levs.

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