The initial public offering of the shares of First Investment Bank starts 27 April 2007, the State Gazette announced. Investors can submit offers starting 7 May 2007 till 18 May 2007 incl.

First Investment Bank’s IPO will include 16,5 mln common, dematerialized shares entitling to voting rights of which 10 mln will be newly issued shares and up to 6,5 mln already existing shares owned by First Financial Brokerage House (FFBH). The issue value will be determined using the book-building method – based on the volume offered and the prices offered by investors.

Investors willing to acquire shares should submit offers directly to the offices of FIB, FFBH or via an investment intermediary. Offers and attachments to offers should contain the information required in the prospectus.

The cut price as well as the number of shares allocated to offers will be publicly announced the first work day after the deadline for submitting offers (May 19).

Investors whose offers have been listed will be informed as to the number of shares allocated to them and the price set. Payment should be made till the end of the third work day (May 23) after the day of the public announcing of the price and the number of shares allocated.

In the end of 2006 First Investment Bank’s net profit was up 36.34 per cents against 2005 and amounted to 29 mln leva while capital adequacy exceeds the regulatory requirements by 15.81 per cent.

Main shareholders in the bank are Ivaylo Mutafchiev and Tseko Minev controlling 31.83 per cent of the capital each while First Financial Brokerage House Ltd holds 13.89 per cent. Legnano Enterprice Limited owns 8.45 per cent and Domenico Ventures and Rafaela Consultance Limited own 7 per cent each.