Mr. Vladimirov said the IPO may take place before Christmas but he was unable to point to a a specific date. “As you know we need to obtain the approval of institutions such as Bulgarian National Bank and The Financial Supervision Commission. These technical operations require time,” he added.
Investbank shareholders will gather at a general meeting on October 19. They will vote the proposal for capital increase using own funds, from 62 mln leva (31.700 mln euros) to 74 mln leva (37.835 mln euros), as well as amendments to the bank's statute connected with its future public status.
The management is discussing the possibility of floating 15% of the capital on the stock exchange. Half of the emission may consist of new shares and the other half may be of old shares, according to speculations.
According to Mr. Vladimirov the decision for capital increase was taken because of the dynamic development of the bank over the past months. He gave as an example the fact that that the bank's assets already exceed 1 bln leva, and gross profit reached 10 mln leva in September.