CBA Asset Management To IPO In Three Consecutive Days

The initial public offering of CBA Asset Management will be held in three consecutive days, the State Gazette reports. These are November 14 – 16.

The company is planning a capital increase from 16.3 mln leva (8.334 mln euros) to 20.2 mln leva (1.032 mln euros) via public offering of 3.9 mln shares with a face value of 1 lev. The general meeting of shareholders set the minimum IPO price per share at 2 leva.

If there is an oversubscription of more than 2 times, the majority shareholders will offer up to 780,000 of the already existing shares they own. Underwriters of the issue are UniCredit Bulbank and Somoni Financial Brokerage.

CBA Asset Management has nine shops, each with an average area of at least 1,000 sqm, which are among the leading otlets in Veliko Tranovo, Garbrovo amd Ruse.

The company is planning to invest the IPO proceeds in development of new shops and acquisition of already existing ones on its current market of operation and in new areas. In the mid-term perspective CBA Asset Management is planning to participate in the consolidation of the retail market together with the big international chains, currently entering the market.

The retailer's turnover this year stood at 20.1 mln leva (10.276 mln euros), and profit came to 467 thousand leva (238 thousand euors). Majority shareholders are Krasimir Gardev and Radoslav Vladev with 44.55% each and Ivaylo Marinov with 9.90%.

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