Green Town Projects EAD said that it intends to launch an Initial Public Offering (IPO) on the Bulgarian Stock Exchange, aiming to raise BGN 8 million ($4.6 million/€4.1 million). Green Town Projects is planning to offer 8 million newly issued shares with a nominal value of 1 BGN each at a price of at least 1 BGN, documents entered into the commercial register on February 5, 2019 showed. The IPO will be considered successful if at least 4 million shares are subscribed for and paid for. Green Town Projects intends to use the proceeds to form an investment portfolio consisting of flats and residential complexes, stakes in real estate investment companies and companies offering real estate-related services, as well as stakes in companies outside the real estate sector. Green Town Projects is due to draft its IPO prospectus and present it to the Financial Supervision Commission for approval.