Bulgarian Side CSKA Sofia Pulls Out Of Public Listing As Share Sale Falls Flat

Bulgarian side CSKA Sofia "failed in its bid to become a public company listed on the Bulgarian Stock Exchange," according to Alexander Krassimirov of INSIDE WORLD FOOTBALL. The failed IPO sold only 360,000 shares -- "the minimum requirement for the club to become publicly traded was 1.4 million." Three million shares "had been released for sale at the nominal price" of BGN 3 ($2). For the whole period of the offering from Mar. 21-May 19, "the club has sold 359,206 shares in 5,720 trades," which means the shareholders fund accumulated BGN 1,077,618 ($738,000). On the last day of the offering "27,156 shares were traded." The "flurry of activity from fans on the last day of the offering proved to be too little too late." Those who have bought shares "will have their money returned, though if bought through a broker, buyers will lose the commissions paid" (INSIDE WORLD FOOTBALL, 5/20).