Brokers: Market Will Continue to Suffer from the Forthcoming IPOs

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Brokers: Market Will Continue to Suffer from the Forthcoming IPOs

From today until 18 May investors will be able to submit their applications for participation in the IPO of First Investment Bank. On 10 May an auction will be held for 1 mln shares from the IPO of Corporate Commercial Bank. With a view of the two forthcoming auctions we asked three market players to share their opinions.

Krasimir Atanasov, Elana Trading

”This week the market will continue to suffer from the new IPOs. Trade volumes will be low and prices will continue to go down gradually. This trend however will cease after 18 May, when First Investment Bank’s IPO will end and investors will again focus their interest and free money on more attractive companies.”
“I don’t expect any big surprises this week. Interest will continue to be focused on the general meetings and their agendas which may give a clue about the future plans of the companies”.

Konstantin Abrashev, BenchMark Asset Management

”In my opinion the market will remain dynamic this week. The reason for my expectations is the restructuring of the portfolios related to the forthcoming IPO share payments.”
”Most companies have already published their non-consolidated reports, so I don’t expect any big surprises which might influence the general mood on the market”.

Vladislav Panev, Status Capital

”I expect the market to continue to go down for a while because of the IPOs of Corporate Commercial Bank and First Investment Bank which will draw some resource, and also because of the excessive rise on the market before January.”

”The quarterly reports didn’t surprise us with any positive news either, and the BTC deal hit the position although the price was not surprising. The fact that companies such as BTC and DZI were sold at prices lower than their market capitalization sobered down the market and made investors realize the actual prices of local companies.”

“The plans of many companies such as Eurohold, Euroins, Chimimport, CCB, Bulgarska Roza-Sevtopolis, a number of REITs, to increase their capital, as well as the IPO of Investbank and a number of smaller companies, also show that managers are more than satisfied with the high market prices at the moment”.

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