Devin's IPO Price To Be Between 5 And 8 Leva

Devin's IPO Price To Be Between 5 And 8 Leva

Devin's IPO price will be between 5 and 8 leva/share. This was announced at the company's conference today.

Investment Intermediary Elana Trading will be accepting orders for the IPO of Devin AD on July 25, 2007.

Allocated orders will be announced the next day and payments are scheduled July 27.

The capital increase will be registered with the Sofia City Court on August 7, and with the Central Depository on August 10. New shares will be registered with the Financial Supervision Commission on August 17 and with the BSE (24 August) a week later.

Devin AD will increase capital through the issuance of up to 3 mln common, paperless shares. The principal shareholder Devin Betailingus Gmbh may decide to offer another 450,000 shares during the IPO.

The new shares will have a face value of 1 lev, and their issue value will be determined by the Board of Directors based on orders submitted by investors.

Underwriter of the emission is Elana Trading AD, and Raiffeisen Bank Bulgaria is co-underwriter. The IPO will be held using the book-building method.

Devin's revenues from core activity are in the amount of 11.052 mln leva (5.650 mln euros) in 1Q, against 5.222 mln leva (2.670 mln euros) a year ago. The company's profit for the period stands at 549,000 leva (280,699 euros), compared with 263,000 leva (134,469 euros) last year.

Investment fund Soravia Equity acquired Devin in the beginning of 2006. Soravia Equity is controlled by the Austrian Soravia Group, which concentrates on real estate and investments.

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