The goal of Todorov AD is always to be number one in Bulgaria, the company’s CEO Ivan Todorov said today at the official presentation dedicated to the company’s listing on BSE-Sofia.
“It’s easy to climb to the top, but it’s much harder to stay there”, Todorov added.
He called the price of 2.00 leva/share that was reached yesterday “realistic” and expressed his conviction that this price would continue to get higher being familiar with the company’s future development plans.
“We are listing in order to take advantage of the opportunities to raise money for the company’s future projects. We are not worried that other companies are delisting. This is a challenge for us”, Todorov stated.
He promised maximum transparency and profits to the company’s current and future shareholders.
Yesterday 800,000 shares of Todorov AD were offered via bookbuilding. The issue was 4.45 times oversubscribed and one of the shareholders - BG Immobilien - offered another 300,000 shares.
In the end of the day the cut-price had reached 2.00 leva/share from 1.80 leva in early afternoon. Investors had time until 17.00 PM to sweeten their offers.
Todorov AD posted a 76.000 leva profit in 2006 compared to a profit of 215.000 leva the previous year. Net revenues reached 2.001 leva last year against 1.402 mln leva in the end of 2005.
The company plans to invest 9 mln leva over the next five years.
13 new issuers have floated their issues on BSE-Sofia since the start of this year - 7 companies and 6 special investment vehicles. There were also 10 bond issues, said Rumen Sokolov, Chief Expert at International Relations, Communications and Marketing Department and in charge of attracting new companies to the Bulgarian Stock Exchange.