Devin Stock Floated On BSE Thursday

The shares of Devin will be floated on the Bulgarian Stock Exchange on Thursday (20 September), BSE reported.

The value of the emission 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. They will be traded under the code DEVIN.

The company filed an IPO on 25 July 2007 when 3 mln new shares and 225,000 already existing shares were subscribed (after the majority shareholder decided to offer half of the 450,000 existing shares it controlled).

The shares were subscribed and allocated at 6.10 leva each. The total amount of funds Devin raised in the IPO is estimated at 18,300,000 leva (9.356 mln euros).

The company will invest nearly 10 mln leva in technological renovation and improvement of production capacities. Devin is aiming at boosting production from 26,000 mln bottles/hour to 40,000 bottles/hour.

Devin AD projects profit to reach 6 mln leva (3.067 mln euros), and revenues to hit 80 mln leva (40.903 mln euros) by 2010. According to company's prognoses 2012 profit will surge to 9.898 mln leva (5.060 mln euros), and revenues to 100 mln leva (51.129 mln euros).

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