Billboard's IPO Prospectus Okayed By FSC

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Billboard's IPO Prospectus Okayed By FSC

The Financial Supervision Commission has confirmed the prospectus for initial public offering of shares of Billboard JSC. The issue's value stands at 1.5 mln leva allocated in as many ordinary shares with a face value of 1 lev and issue value of 3 leva.

Billboard JSC has 6 subsidiaries: Dedrax (60% controlled), DPS Bulgaria (60%), Motion Arts (51%), InStore Media (50%), Digital Print (100%).

The main areas of operation are: digital broad format printing, offset printing, construction and maintenance of facilities for advertisement, IT and professional solutions for digital printing, design and set up of integrated information systems in the area of printing and advertising business, as well as complex solutions in advertising. Broad format printing and offset printing account for the majority of revenues.

Shareholders are Vasil Ganchev, controlling 35% of the capital, Stefan Genchev with 25%, Kalin Genchev with 25%, ad Veneta Gencheva with 15%.

Last month financial director Vasil Genchev said the IPO price per share will be between 5 and 7 leva.

Billboard expects consolidated sales revenues in the amount of 25 mln leva (12.782 mln euros) in 2007 which is 47% up from a year ago, when it stood at 17 mln leva (8.691 mln euros). Net 2007 profit is projected at 2.7 mln leva (1.380 mln euros), versus a little less than 2 mln leva last year.

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