Devin AD will increase capital through the issuance of up to 3 mln common, paperless shares. The principal shareholder Devin Betailingus Gmbh may decide to offer another 450,000 shares during the IPO.
The issue value will be between 5 and 7 leva per share, the company has said. The new shares will be registered on the BSE no later than 24 August.
The company will invest the capital raised in the IPO in modernization of production capacities and expansion to the markets of other countries in Southeast Europe.
Some 10 mln leva (5.112 mln euros) will be invested in technological optimization of production capacities, which will increase Devin's capacity from 26,000 bottles per hour to 40,000 bottles per hour.
Devin AD was founded by physical persons and the Municipality of Devin in 1992 as a limited liability company. It became a joint stock company in 1999 with 100% private capital.
At the beginning of 2006 Devin was acquired by investment fund Soravia Equity, controlled by Austrian Soravia Group. Devin's core activity is bottling and sales of mineral water, spring water, fizzy drinks and other soft drinks.
Devin AD has a concession for the operation of zone 3 and 5 in the region of Devin, The Rhodope Mountains where Devin mineral water is bottled. The company operates a closed production cycle which includes bottle production, bottling, labelling and palletization.