Licensing and successful initial public offering (IPO) of a joint-stock company with a special investment purpose for real estate securitization

Our team successfully advised on the licensing and initial public offering (IPO) of “Bravo Home” AD SIC – a joint-stock company with a special investment purpose for real estate securitization.

By Decision dated 5 September 2025, the Bulgarian Financial Supervision Commission (FSC) granted the company a license to operate as a SIC joint-stock company under the Special Purpose Investment Companies Act (SPIC Act). Since 2020, this is only the third licensed SIC in Bulgaria, marking an exceptional achievement given the highly specialized nature and stringent regulatory requirements of this type of company.

“Bravo Home” AD SIC was established in mid-May 2025 with an initial registered capital of BGN 500,000. At the end of June, the licensing documentation and the prospectus for the public offering of shares were submitted. In early September 2025, regulatory approval was granted, and following the mandatory initial capital increase (IPO) to BGN 650,000, the company shares are set to be officially admitted for trading on the regulated market (Bulgarian Stock Exchange AD).

The company management, which will focus on residential development, comprises proven professionals with over 20 years of experience in Bulgaria commercial real estate market. The members of the Board of Directors also hold similar positions in another SIC focused on completed non-residential properties.

The project was carried out in close cooperation with the issuer team and the investment intermediary handling the public offering, to whom we express our gratitude for their professionalism, commitment, and effective collaboration throughout all stages of the process.

Our team advised on all key aspects – from the incorporation of the company and preparation of the licensing and prospectus documentation to the successful execution of the IPO and registration of the capital increase.

Our work included coordination between the issuer, the investment intermediary, and the regulator, drafting and reviewing corporate and exchange documentation, as well as procedural support before the FSC and the BSE.

We wish “Bravo Home” AD SIC a successful market debut and sustainable growth!