The company will offer a total of 135,000 shares with a minimum emission value of 10 leva, issued in the capital increase from 540,000 leva to 675 ,000 leva.
The price will be defined through the book-building principle (based on investors oredrs).
The capital increase will be successful if at least 60,000 shares are subscribed and paid. The minimum amount of shares one person can subscribe is 1 and the minimum price per share is equal to the issue value – 10 leva.
The IPO will be held on the territory of Bulgaria only. Its costs are expected to amount to 18 536.84 leva, the investment intermediary is First Financial Brokerage House LTD.
Bianor AD's core activity is the development of software solutions for clients and software clients. During the past three years more than 90% of the company's revenues come from software development, mostly for foreign clients.
According to preliminary data the company's total revenues for 2006 will be in the amount of 2.534 mln leva while last year they stood at 1.837 mln leva and in 2004 at 1.1 mln leva.
96-99% of Bianor's production during the period 2003-2005 was realized abroad. In 2006 this percentage was reduced to 82%.
The company posted net profit in the amount of 326,000 leva or 0.62 leva per share last year compared with 297,000 leva or 0.55 leva per share in 2005, and 89,000 leva or 0.16 leva per share in 2004.
Bianor is expecting revenues from its core activities to reach 3.565 mln leva this year and for 2008 and 2009 the company expects 5.72 mln and 7.466 mln leva respectively. Net profit for 2007 is estimated at 276,000 leva, for 2008 – at 218,000 leva and for 2009 – at 815,000 leva.
In the period 2004-2006 Bianor AD invested a total of 1.954 mln leva and during the next three years the company is planning to implement an investment program worth 3.955 mln leva.
Bianor AD controls 100% of the capital of Bianor Services Ltd, 80% of the capital of Nextborn Ltd, 66.67% of Ni Mag Ltd and 15% of All Telecoms AD. Nikolay Rashev and Kostadin Yordanov own 41.77% of its capital each and Siya Yordanova and Stefan lilov have 7.52% and 4.88% respectively.