Devin's capital increase from 14.89 mln leva (7.613 mln euros) to 17.89 mln leva (9.147 mln euros) has been registered by Central Depository, the institutions' weekly bulletin reveals.

The Bulgarian Stock Exchange will set a start date for trade with the new shares after the Financial Supervision Commission has also registered the increase.

The total amount of the funds raised in the IPO is estimated at 18 300 000 leva (9.356 mln euros). The total value of the orders received stood at 235 mln leva (120.153 mln euros).

Almost 50% of shares have been subscribed by foreign investors (both physical persons and legal enteties).

Devin held an IPO on 25 July 2007 in which 3 mln new shares and 225,000 already existing shares were distributed (after the majority shareholder decided to offer half of the 450,000 existing shares as well).

The shares were subscribed at 6.10 leva. Investment intermediary Elana Trading was underwriter, and Raiffeisen Bulgaria was co-underwriter.

Devin AD projects profit to reach 6 mln leva (3.067 mln euros), and revenues to hit 80 mln leva (40.903 mln euros) by 2010. According to company's prognoses 2012 profit will surge to 9.898 mln leva (5.060 mln euros), and revenues to 100 mln leva (51.129 mln euros).

Sales revenues have been increasing each year since the company's establishment. In 2004 net sales revenues stood at 15.1 mln leva (7.720 mln euros), 21.1 mln leva (10.788 mln euros) in 2005, 30.2 mln leva (15.441 mln euros) in 2006, which is a 40% increase on average.