Shares of Kaolin AD, Bulgarian River Shipping AD-Ruse (BRS) and Corporate Commercial Bank AD (CCB) will be offered on BSE within the next few weeks. The three companies will be looking to raise at least 160 mln leva on the market.

On its next meeting Bulgaria’s Financial Supervision Commission (FSC) is expected to approve the prospect of First Investment Bank AD, which is set to be the biggest IPO ever carried out in Bulgaria.

Investors are faced with the choice where to take part, how to distribute their money and whether to take up this challenge at all.

The table below shows the companies in figures. All three companies have relatively high financial coefficients. They operate in different sectors; therefore any comparison between them cannot be indicative.


KaolinBRSCCBPrice range12,518045-58,50Shares Offered50000002919801000000Expected revenues from the IPO62,5052,5645-58,50Market Cap (mil)317,7208,5270-351Assets (mil)101,943,951005Equity (mil)38,2934,6874,89Total number of shares2541938011583476000000Revenues 2006 (mil)90,1633,9855,07Net Income 2006 (mil)9,4322,526,61EPS (lv)0,372,171,10Profit margin10,46%7,41%12,00%Р/Е33,6982,8740,87-53,13Р/S3,526,144,9-6,37P/B8,36,013,61-4,69ROE24,63%7,26%8,82%ROA9,26%5,72%0,66%PEG (growth 20%)1,684,142,04-2,66

This material should not be deemed a recommendation to buy or sell any of the securities mentioned.