1,480 Times Oversubscription in Trace Group Hold’s IPO, Preliminary Data Shows

1,480 Times Oversubscription in Trace Group Hold’s IPO, Preliminary Data Shows

Preliminary and unofficial data provided by Somoni Financial Brokerage shows there has been a record interest in the IPO of Trace Group Hold.

Submitted orders are worth more than 32 bln leva (16.361 bln euros), i.e. investors filed subscriptions for a total of 290 mln shares. According to preliminary data oversubscription was 1,480 times.

This means subscription of less than 1,480 shares, or worth less than 164,000 leva may not be satisfied.

More than 4,000 physical persons and legal entities took part in the IPO. Underwriter was Somoni Financial brokerage.

The results above do not include possible incorrect (disqualified) orders, and may be corrected.

Official preliminary results will be released on October 29 (Monday). Investment intermediaries must submit the original (or certified copies) of their clients’ orders and documentation in compliance with the requirements in Trace Group’s IPO prospectus. The final results will be announced after these papers are checked.

Trace Group Hold offered 200,000 shares with a face value of 1 lev and issue value of 110.50 leva. The company is planning a capital increase from 2mln leva (1.022 mln euros) to 2.200 mln leva (1.124 mln euros). It is expected that Trace Group will generate resource in the amount of 22,100,000 (11.299 mln euros) leva in the procedures.

The company will use 14 mln leva on new equipment and facilities. 3.5 mln leva will be spent on modernization.

The rest will be invested in increasing the holding's stakes in controlled enterprises, and in acquisition of other companies.

Trace Group Hold expects 124.956 mln leva (63.888 mln euros) in revenues from core activity this year, and profit is projected at 8.122 mln leva (4.152 mln euros) after taxes. According to the company's prospectus, 2008 revenues will amount to 162.443 mln leva (83.055 mln euros), and profit will come to 20.3 mln leva (10.379 mln euros).

As we already informed, last year the company posted core activity revenues in the amount of 117.88 mln leva (60.271 mln euros), while profit stood at 5.2 mln leva (2.658 mln euros).

As of January 1, Trace Group Hold's units have endorsed contracts worth 188.113 mln leva (96.180 mln euros), for projects to be implemented between 2007 and 2009. The company has also signed new contracts worth 71.122 mln leva (36.364 mln euros), which are due to be completed between 2007 and 2008.

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