Four IPOs In Three Weeks

Four IPOs In Three Weeks

There will be a variety of opportunities in front of investing community in Bulgaria in the days between November 26 and December 14. Four companies operating in different sectors of economy will be filing IOS in the period. The maximum amount of capital they may raise (not including the IPO of up to 34.16 mln shares of Zarneni Hrani, since no price per share has yet been set by the company) is estimated at around 66.2 mln leva (33.847 mln euros).

The first subscription will be tat of Enemona JSC. Its starts Monday (November 26). Enemona operates in the filed of energetics and services. The company offers 2 mln shares. The minimum price has been set at 11 leva and the maximum at 16.8 leva/ share. This means the maximum amount of cash Enemona may raise is 33.6 mln leva (17.180 mln euros).

The IPO method will be book-building. Orders placement will be announced November 27, and payment has been scheduled to take place between November 28 and December 4 (Saturday and Sunday not included). Elana Trading and United Bulgarian Bank are the issue's underwriters. The company's free-float will thus reach 17%.

Agria Group Holding will IPO immediately after Enemona JSC – between November 29 (Thursday) and December 3 (Monday). The holding, operating the grain – flour – bread and the oil-bearing seed – raw oil – biofuel cycles, is planning a capital increase by 1.7 mln leva via issue of new shares.

The IPO price per share will in the range between 9 and 13 leva. This means the maximum amount of cash the company may attract is 22.1 mln leva (11.300 mln euros). Payment is scheduled December 7 and the price will be set via book-building. UBB is underwriter of the issue. After the IPO, the company's free-float will reach 25%.

Billboard's IPO is the third one expected in Bulgaria. It starts December 5 (Wednesday) and ends December 7 (Friday). The company will offer 1.5 mln new shares. The price per share will be between 5 and 7 leva, according to an announcement made by Financial Director Vasil Genchev. The maximum amount of capital Billboard may attract totals 10.5 mln leva (5.368 mln euros).

Orders placement will be announced Saturday (December 8) and payment is scheduled for the following three days. The price will be defined via book-building. First Financial Brokerage House is underwriter of the issue, free-float will reach 20% of capital after the IPO.

Zarneni Hrani Bulgaria JSC's IPO is the fourth to come before the end of the year. The large new holding that united the grain business of Chimimport will offer up to 25.6 mln shares, but in case of a lot of demand, another 8.54 mln shares will also be made available to investors. The price per share will be announced December 5 (Wednesday).

Orders will be accepted between December 10 (Monday) and 14 (Friday). CCB is underwriter. The price per share will be announced on December 17. The deadline for payment is expected to be around December 19. The company's free-float may thus reach to up to 20% of capital.

Bulgaria occupies the prestigious third place in CEE in terms of number of IPOs this year. This is a very good result, taking into consideration the size of the local stock market. The data comes from research conducted by Karoll Capital Management.

There have been a total of 12 IPOs year-to-date, and the amount of cash the companies have attracted stands at 191 mln euros, which is 97% more than a year ago.

There were just 6 IPOs in Bulgaria in 2006, which is half the number of IPOs held so far in 2007. Last year total IPOs proceeds stood at 97 mln euros.

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