Orders For Specialized Business Systems IPO Accepted Until Tomorrow

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Orders for Specialized Business Systems (SBS) IPO may be submitted no later than tomorrow, 24 July. Underwriter is IP Capman AD.

Results will be announced in the period 24 – 27 July, payment must be made no later than August 3.

Investors must have the necessary sum at their disposl, or present a bank warrant to secure their order.

Specialized Business Systems has a core capital in the amount of 3.319 mln leva (1.697 mln euros) allocated in 66,380 shares with a face value of 50 leva. The company is planning an IPO to increase capital to 5 mln leva (2.556 mln euros) by offering 33,620 shares with a face value of 50 leva and issue value of 68 leva.

SBS expects to raise a net 2.272 mln leva (1.161 mln euros) in the IPO if all shares are subscribed. The company intends to invest a total of 1.5 mln leva (766,937 euros) in expansion of its logistics network, and 500,000 leva (255.646 euros) in enlarging its production portfolio.

The rest of the funds will be used to acquire stakes in other companies operating in the IT and office equipment field, with the aim of increasing the company's market share and competitiveness. Funds will also be allocated to the marketing and advertising departments.

The company expects net profit in 2007 to be between 326,000 and 418,000 leva. Revenues from core activity are expected to stand between 14.774 mln leva and 16.328 mln leva.

SBS posted net profit in the amount of 184,000 leva (94,077 euros) for 2006, and core activity revenues at 12.477 mln leva (6.379 mln euros).

SBS Specialized Business Systems Ltd controls 37.99% of the company's capital, Kiril Jeliazkov and Antoaneta Jeliazkova have 31.08%, and 16.83% respecyively, and Borislav Bratanov has 7.58%.

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