The first transactions with the stock of Devin (

) were made on BSE this morning at prices between 7.25 and 8.60 leva. Trade on the position has been very active, 300,000 shares changed hands during the very first 5 minutes of the session.

Bids are currently at 7.50 leva and asks at 7.95 leva.

The emission was floated on the stock market today. Its value stands at 17,891,306 leva (9,147,679 euros) allocated in the same number of ordinary shares with a face value of 1 lev. The bourse code is DEVIN.

The company filed an IPO on 25 July 2007 in which 3 mln new shares, as well as 225,000 ordinary existing ones, were placed.

The shares ware subscribed at 6.50 leva. The total amount of funds Devin raised is estimated at 18,300,000 leva (9,356,641 euros).

Nearly 10 mln leva will be invested in technological modernization and improvement of production capacities. The company aims at increasing production pace from 26,000 bottles per hour to 40,000 bottles per hour.

Devin reported a record in sales this summer. The company's non-consolidated sales for the January- August period came to 37.638 mln leva (19.105 mln euros).

The increase is mainly due to the excellent distribution network of Devin, as well as to the high demand for bottled water during the very hot summer in Bulgaria.

Revenues from energy drink Red Bull also boosted the company's result. Sales of the popular drink soared nearly 30% in January through August.

The company expects revenue to climb to 57.2 mln leva (29.245 mln euros) this year, and profit to reach 1.651 mln leva (844,142 euros), according to the prospectus filed with BSE. For 2008 the company projects 63.9 mln leva (32.671 mln euros) in revenues and 3.43 mln leva (1.753 mln euros) in earnings.