Bulgaria's Gradus shares rise 2.8pc on market debut

SOFIA: Shares in Bulgaria's leading poultry producer Gradus rose as much as 2.8 percent in their market debut on Monday following the second biggest initial public offering in the Balkan country in 11 years.

Gradus, one of Europe's largest producers of hatching chicken eggs, raised 81 million levs in June valuing the company at 438.5 million levs ($259.3 million).

The company's shares were up 1.95 percent at 1.835 levs ($1.09) as of 0945 GMT, slightly above their issue price of 1.8 levs ($1.06).

Gradus' IPO was the second biggest in Bulgaria following First Investment Bank's 2007 IPO which raised 107 million levs.

The company, whose annual revenue was 246 million levs last year, plans to use the proceeds to expand its production.