Up to 15 mln First Investment Bank Shares offered on BSE

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Up to 15 mln First Investment Bank Shares offered on BSE

A total of 15 mln shares of First Investment bank will be offered for trading on BSE, the bank announced. 10 mln new shares will be offered as a result of the capital increase from BGN 100 mln to BGN 110 mln and up to 5 mln of the old shares will be sold by First Investment Brokerage which owns 14% of the bank’s capital.

Yesterday (April 4th) the prospectus for the initial public offering of the shares was filed in the Financial Supervision Commission for approval.

FFBH (First Financial Brokerage House) is planning to offer a part of their share for trading. Their aim is to ensure a larger number of First Investment Bank shares available for trade on BSE and thus to provide for the better liquidity of the bank’s shares.

On the other hand regarding the predominant practice in the developed capital markets and the expectations of the international investors, First Investment Bank is planning to establish a lock up for a period of 6 months in which the current shareholders in the bank will not be able to sell more shares and the bank will not be able to issue new shares for a period of 1 year.

This will ensure the stability of the investment of minor shareholders who may acquire shares in the IPO.

First Investment Bank’s capital increase is planned with the aim of ensuring the prosperity of the financial institution. The capital raised will be used for the increasing of the company’s market share, increasing of its credit portfolio, the number of credit and debit cards, the number of company branches, ATM machines and for the offering of competitive financial products to corporate clients, small and medium companies and individuals.

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