The first thing that comes to investors' minds when they hear the word IPO is fast cash. Is this really so? We are going to find that out by following the price of the stock of the companies which raised capital through the stock exchange, after it was floated on the BSE.

It is difficult to compare IPOs since they are held in different periods in time, and since the stock of the companies has been on the bourse for different amounts of time. Thus, we decided to compare the return that shares had just on their first day of trade on the stock market.

We also decided to compare only the IPOs held over the past 12 months.

There have been a total of 9 IPOs since the establishment of the stock exchange in Bulgaria. Investor.BG was the pioneer, the company held an IPO on 4 October 2004 with investment intermediary Karol.

Karol was also the underwriter of the second IPO in Bulgaria – that of Interlogic.

Two IPOs were filed in 2005 – that of Interlogic Leasing managed by Karol on 22 March, and of the internet company Web Media Group on 28 September, with BenchMark Finance as investment intermediary.

Chimimport raised capital through the stock exchange a year later – on October 30, 2006. Its subsidiary Central Cooperative Bank was underwriter of the emission.

And now, let's take look at the present 2007 – a year with a record number of IPOs for Bulgaria. Four of them have been held since the beginning of the year – of Monbat on January 3 (underwriter Elana Trading), Kaolin on May 21 (underwriter Bulbank), Corporate Commercial Bank on June 18 (underwriter United Bulgarian Bank), and First Investment Bank (underwriter First Financial Brokerage House).

These IPOs were held this year, which meand they were held under similar market conditions, and thus, we can safely compare the return posted on the first day of bourse trade with the stock, as well as the return the stock brings today.

We will also include Chimimport in the list, since its IPO was held not long ago - at the end of last year.

CompanyIPO PriceDatePrice On The First Day Of TradeDifference %Current PriceDifference To DateChimimport4 leva30 Oct 20065,39 leva34.75%14,1 leva252.50%Monbat6,95 leva03 Jan 20079,64 leva34.75%15,14 leva117.84%Kaolin13,5 leva21 May 200713,77 leva2.00%15,22 leva12.74%Corporate Commercial Bank58,5 leva18 June 200776,97 leva31.57%89,91 leva53.69%First Investment Bank10,7 leva25 June 200712,08 leva12.90%14,03 leva31.12%