Mitsides IPO 5 times oversubscribed

Mitsides Public Company Ltd, Cyprus’ leading flour and pasta manufacturer, distributor and exporter scored a massive success during its initial public offering (IPO) on March 19-22 as the issue to the public was oversubscribed 5.35 times according to preliminary results secured by the Financial Mirror.

Mitsides had offered a total of 1.808.304 shares at CYP 0.85 or EUR 1.4655 each, of which 1.26 mln (CYP 1.08 mln) were offered to institutional investors and 542.961 shares (CYP 461.117) to the public, aiming to raise a total of CYP 1.5 mln (EUR 2.6 mln) to finance an ambitious modernisation and expansion plan both in Cyprus and abroad.

Laiki Investments acted as the issue managers.

According to preliminary results, the IPO to the public was oversubscribed by 5.35 times, or 2.9 mln shares were applied for a total value of CYP 2.5 mln, while the private placement to institutional investors was twice oversubscribed for a total value of CYP 2.15 mln.

Mitsides plans to list on the Parallel Market. The actual listing is expected after the Easter break but before the end of April.