The Financial Supervision Commission Approves IPO Prospectus Of Trace Group Hold

The Financial Supervision Commission Approves IPO Prospectus Of Trace Group Hold

“Investors will not have to prove they own the cash for the orders they make”, Angel Dikov, investment consultant in Somoni Financial Brokerage told

“We expect a lot of interest on the part of both local and foreign individual, as well as institutional investors,” he added.

In case of a lot of interest, the majority shareholder may decide to offer another 40,000 shares. Nikolay Mkhailov controls 88.6% of capital directly, and another 10.9% via related parties.

At its meeting today the Financial Supervision Commission approved the IPO prospectus of Trace Group Hold. “The IPO announcement will soon be published in national newspapers and the IPO itself will be held within seven days after the announcement is published. We expect it to happen by end of October,” CEO Tsvetan Tsvetanov said.

According to the prospectus, the company will file an initial public offering of 200,000 shares at a face value of 1 lev and issue value of 110.5 leva. Trace Group Hold is planning a capital increase from 2 mln leva (1.022 mln euros) to 2.220 mln leva (1.135 mln euros). Somoni Financial Brokerage is the issue manager.

Trace Group Hold will generate at least 22.003 mln leva (11.249 mln euros) in case of a successful IPO. The company will use 14 mln leva on new equipment and facilities. 3.5 mln leva will be spent on modernization.

The rest will be invested in increasing the holding's stakes in controlled enterprises, and in acquisition of other companies.

According to the prospectus, the company expects a 30% hike in revenues in 2008. Revenues are projected to increase at a relatively high annual rate of 22% in the near future. This optimism is supported by the fact that the money from the EU funds will be received from 2008 on, which will give the go-ahead to numerous frozen infrastructural projects.

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