Bulgarian-based property developer Sigma Capital Investments said on May 15, quoted Reuter’s, it planned to raise up to 140 million euro as part of a London Stock Exchange (LSE) listing.

Sigma said the shares would be priced in a range of 8.2 to 11.2 euro each, confirming what dealers earlier told Reuters, and that the company would have a free float of up to 60 per cent.

The final price for the shares, which will be issued as global depository receipts on the LSE, is expected to be set around the end of May, said Reuters.

Sigma said in a statement it would use the net proceeds of the issue to acquire and develop additional properties in Bulgaria, where it is already the largest owner of premium hotels near the cities of Varna and Bourgas on the Black Sea.
Citigroup and ING are acting as financial advisers on the deal.

The company said it had assets valued by real estate firm Colliers International of 192.2 million euro and about 35 per cent of branded hotels in Bulgaria.

Sigma Capital Investments owns four hotels on the Bulgarian Black Sea coast with a combined room capacity of 1993.

The Grand Hermitage in the sea resort Zlatni Pyasutsi (Golden Sands) is run by hotel operator Kempinski and is the chain’s biggest hotel in Europe.

Sigma Capital Investments also owns Ifa Beach Hotel in Nessebur, Iberostar in Slunchev Bryag (Sunny Beach) and Iberostar Luna Bay near Obzor.