In their first day of trading 1.803 rights of Hydraulic Elements and Systems changed hands in 82 transactions.

The floor price was 0.71 leva, and the maximum price was 1.00 leva. Total turnover on this position reached 1.532 mln leva.
The traded amount represents 68.8% of the total number of issued rights of the Yambol-based producer of hydraulic elements.

Nikolay Mitankin, investor relations director of the company’s majority shareholder Stara Planina Hold, said the “transfer of almost 70% of the rights in the first day shows serious interest on the part of institutional investors in the company’s capital increase”.

The company intends to increase its capital from 2.62 mln leva to 3.039 mln leva via the issuance of 419,000 new shares with a face value of 1 lev each and issue value of 19.75 leva each.

The company expects to raise 8.148 mln leva from the IPO after costs.

The issued rights are traded under BSE code R1HES, and the ratio between the issued rights and the new shares is 1/0.16.

Hydraulic Elements and Systems AD-Yambol’s net sales revenues increased 13.18% to 17.196 mln leva in the four months ended 30 April 2007 from 15.193 mln leva in the same period last year.

Net profit in the period amounted to 1.257 mln leva versus 936,000 leva a year ago.

432 shares on this position changed hands today at 26.44 – 27.00 leva/share.