Bulgarian steel packaging manufacturer Bulmetal secures €4.2M during IPO
Bulgarian metal packaging manufacturer Bulmetal has secured €4.2 million during its initial public offering (IPO) on the Bulgarian Stock Exchange. The startup plans to use the funds to expand its production capacity.
- Gurkovo-based Bulmetal, a member of Belgian Scrap Terminal Group, is a manufacturer of a wide range of sizes and types of metal packaging for the food and chemical industries, processing over 13,000 tonnes of raw materials annually. The company exports over 70% of its production to 400 clients in Central and Eastern Europe. In addition, Bulmetal has its subsidiaries, Cevolani in Italy and BiBRA in Germany.
- The packaging segment is about 65% of Bulmetal’s annual sales. Leading markets for Bulmetal packaging include Germany, Italy, Slovenia, Romania, Greece, and Bulgaria, while the group’s machines are sold mostly in Italy, Canada, northern Africa, and South America.
“We firmly believe in sustainable waste management. At the same time, we understand that pure materials are of quintessential importance nowadays. In order to meet the increasing requirements of our buyers as well as governments, we consistently invest in innovation. That is why we are now able to recycle 95% of a discarded vehicle,”Bulmetal explains its green innovations.
- Between December 8 and December 15, Bulmetal received offers for 928,000 shares from over 100 investors, with some 1.13 million shares offered in total. The newly issued shares are expected to start trading on the Sofia Exchange at the beginning of 2024.
- The investment will help to proceed with the expansion of the company’s production capacity and automation of its processes.