Bulgaria-based poultry producer Gradus is said to be planning an initial public offering of shares to raise around BGN100m (US$62.7m).

The company plans to issue its prospectus for the share offering to the financial regulator in April, Reuters reported First Financial Brokerage House, which is managing the IPO, as saying late last week.

Proceeds from share sale will be used to expand production.

Gradus, which is also one of the largest producers of fertilised eggs in Europe, posted revenues of around BGN200m last year and profit of BGN34m, the news agency said. 

Reuters reported the IPO will be the largest at the Bulgarian Stock Exchange since 2007, when First Investment Bank raised BGN107m. 

“This will be the largest IPO in the country after the financial crisis last decade and will offer investors access to one of [the] fastest growing sectors, the food industry,” the company said in a statement. 

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Founded in 1992, Gradus is Bulgaria’s largest poultry producer offering frozen and fresh chickens and flavoured sausages, according to its web site. The company employs more than 1,100 people.