Bulgaria’s Financial Supervision Commission (FSC) has refused to approve the IPO prospectus of Smart Organic AD, a producer and distributor of organic products.

The Bulgarian company will not appeal the decision or try to remove the alleged omissions and regularities, according to its majority owner, Yani Dragov, as cited by investor.bg.

Dragov made clear that a new attempt to make an IPO would be made in a year at the earliest and via a foreign exchange, not the Bulgarian Stock Exchange-Sofia.

The FSC decided to reject the IPO prospectus of Smart Organic at a meeting on October 5.

The rejection was issued two months after the FSC first returned the IPO prospectus of the producer of the popular Roo’bar, organic raw food bars with superfoods.

The company was asked to remove omissions and flaws and provide additional information to the watchdog.

In its latest decision on the matter, the FSC once again explains its rejection with insufficient information.

Dragov expressed optimism about the expansion plans of the company, adding that the necessary financing had been secured through a loan taken under very good terms and low interest rates.

According to an earlier interview of Dragov for investor.bg, the company was seeking to raise BGN 3 M via the BSE-Sofia in order to expand its product range and enter the US market.

Smart Organic AD reported revenues of BGN 8.5 M in 2014, as compared to BGN 4 M in 2013.

The company’s 2014 after-tax profit stood at BGN 1.4 M, as compared to BGN 668 000 in 2013.