Herti's IPO To Be Completed In A Day

Herti's IPO To Be Completed In A Day

Herti's IPO will be held on one day – January 25, today's issue of the State Gazette reveals.

The final price determined by Raiffeissen Bank and Herti Jsc and the number of allocated shares to subscriptions will be announced on the following day.

Investors and investment intermediaries will then be informed about shares placement and price.

Payment must be deposited to the account on the second day after the announcement of the IPO results.

Herti is planning to use the IPO proceeds to finance its 4-year investment program for the period 2007 – 2010. The management is planning to allocate 25.895 mln leva (13.239 mln euros) in four main areas by 2010 – in expansion of the market share, reducing the products' manufacturing cost and increasing production capacity, as well as development and renovation, environmental sustainability and energy efficiency.

The company will fund the investment program, using three main sources. The first wold be capital increase via offering of up to 3 mln new shares at a minimum issuing price of 3.1 leva (the IPO costs stand at 242,530 leva, including the underwriters remuneration). The company will also invest own 4.792 mln leva and has plans to attract an additional 11.928 mln leva.

Herti will use 10.463 mln leva to expand its market share, which will be allocated as follows: 880,124 leva used in 2007, 6.650 mln leva in 2008, 2.445 mln leva in 2009, and 488,958 leva in 2010.

Herti will IPO 3 mln new shares and up to 1.4 mln already existing shares with a face value of 1 leva and issuing price of 3.10 leva. If all shares are subscribed, the company's capital will grow to 15 mln leva, 7.669 mln euros (at a face value of 1 lev).

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