Herti Files IPO By End Of November

Herti Files IPO By End Of November

The initial public offering of shares of Herti will be completed by end of November, Elena Zaharieva, company's financial director, told Profit.bg.

“We've already filed the prospectus with the FSC and we expect to receive their opinion by the end of the month, “Mrs. Zaharieva added.

Herti has a core capital in the amount of 12 mln leva (6.135 mln euros). Investors will be offered shares representing approximately 20% of the capital.

The aluminum screw caps manufacturer recently founded subsidiaries in France and England.

“We have plans of expanding to the markets of South America but we intend to concentrate on that in 2008, “ Zaharieva also said.

The company’s 1H slaes revenues grew 30% from 9.68 mln leva (4.949 mln euros) in 2006 H1, to 13 mln leva (6.646 mln euros) on June 30 this year.

In 2006 Herti posted sales revenues at 23.638 mln leva (12.085 mln euros), and in 2005 – 22.217 mln leva (11.359 mln euros). Mayer Export-Import and Alexander Yulianov control 34% and 33% of the company, respectively, while Zahari Zahariev and Elena Zaharieva have 25% and 8%, respectively.

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