Funds from Corporate Commercial Bank IPO Can Be Used in First Investment Bank IPO

Funds from Corporate Commercial Bank IPO Can Be Used in First Investment Bank IPO

Investors will be able to redirect unused funds (from the subscription) from the Corporate Commercial Bank IPO to the First Investment Bank IPO.

Dimitar Vertigov, Investments Banking director in Corporate Commercial Bank told yesterday that investment intermediaries should submit their lists with offers made by their clients to United Bulgarian Bank between 9.00 h and 16.00h on May 10.

At the same time offers for participation in First Investment Bank’s IPO should be submitted between May 7 and May 18.

Shares should be paid on May 16 for Corporate Commercial Bank and May 28 for First Investment Bank.

Prices and the number of shared bought by intermediaries at the auction will be announced on 11 May and 19 May respectively.

Corporate Commercial Bank is planning to hold an auction for the sell-off of 1 mln shares with a face value of 10 leva, issued in the capital increase from 50 mln to 60 mln leva. Minimum issue price is 45 leva and the maximum is 58.50 leva.

The shares will be offered for two types of orders – limit and market orders. Limit orders can be submitted for 30 % (300 000) of the shares and market orders for 70 % (700 000).

25 shares are the minimum buy for 1 person and 250 000 the maximum.

First Investment Bank’s IPO will include up to 16,5 mln common, dematerialized voting shares of which 10 mln will be newly issued shares and up to 6,5 mln already existing shares currently owned by First Financial Brokerage House.

The issue value (the asking price) will be determined through the book- building method based on the amount offered and the prices offered by investors.

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