299 Million Leva Raised in 4 IPOs

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299 Million Leva Raised in 4 IPOs

4 IPOs took place in the past two months on the Bulgarian stock market raising 299 mln leva, Profit.bg statistics shows.

The most obvious distinction of the IPOs was the volume of all offers. Their total amount reached the remarkable 2.23 bln leva, most of them concentrated in First Investment Bank (1.32 bln leva) and Corporate Commercial Bank (700 mln leva).

First Investment Bank raised 176.55 mln leva making its IPO the biggest ever in BSE’s history. Next came Kaolin and CCB with 61.8 mln leva and 58.5 mln leva respectively. In the fall of 2006 Chimimport raised 44 mln leva in the first major IPO in Bulgaria.

Total costs in the IPOs reached 5.3 mln leva, with brokers receiving different shares as remuneration for the shares they sold.

Although Kaolin raised three times less money than FIB, costs in its offering reached 2.5 mln leva or 4% of the raised capital (Bulbank was broker in the offering).

For FIB however, according to the bank’s own evaluation, FFBH can receive an additional commission fee of 1% for the persons secured to subscribe shares.

Corporate Commercial Bank registered the lowest costs of 0.54% of the raised funds or 313,600 leva. The lead manager of the issue was UBB.

 

Raised funds (mln)

Costs

Ratio

Offers amount(mln)

First Investment Bank

176,55

2 440 000

1,38%

1317,9

Kaolin

61,84

2 501 965

4,05%

200

Corporate Commercial Bank

58,5

313 584

0,54%

700

Todoroff

2,2

26 782

1,22%

9,37

 

299,09

5 282 331

1,77%

2227,27

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