Bulgarian electric car maker Sin Cars Industry started trading on the Sofia bourse BEAM market today, the Bulgarian Stock Exchange said.

According to SeeNews.com, the BEAM market was created with the purpose of allowing small and medium-sized enterprises to seek listing under simplified procedures as compared to the regulated market.

In June, the BSE said the initial public offering (IPO) of Sin Cars Industry was oversubscribed three times. Sin Cars offered for subscription 2m ordinary shares at a price of 1 lev (US$0.62/Eur0.51) each on the BEAM market.

Last month, Sin Cars said that its IPO would be considered successful if at least 250,000 shares are subscribed and paid for.

The company intends to use the proceeds of the IPO to start mass production of electric vehicles, which it plans to export mainly to western Europe.