Worsened Market Conditions May Spark Second Wave of IPOs in Bulgaria

There were times when at least two initial public offerings were taking place on the Bulgarian Stock Exchange (BSE) daily. A similar IPO activity seems impossible today in view of the present market conditions but we can still witness a second wave of public offerings.

The worsened market conditions are the reason for the postponement but not for the cancellation of many of the initial public offerings of shares on BSE.

Of course some of the companies that have announced IPO plans will hardly go public any time soon.

It is only a matter of time and I don't see a light at the end of the tunnel at this point, Krassimir Stoychev, according to executive director of Max Telecom. The company, however, has not given up its plans to go public, Stoychev said.

Investbank's taking a similar wait-and-see approach and has no plans for listing prior to the autumn of 2008, a high-ranking official of the bank told Profit.bg earlier.

DOM Zdrave's IPO plans were also deferred, it emerged at the general shareholders' meeting of the voluntary health insurance network, which took place in the end of June.

Darvoobrabotvane - VT is another company that postponed its public listing due to the unfavorable market conditions.

Darvoobrabotvane still has not given up its plans to go public, Atanas Vassilev, chairman of the board of directors of the company, told Profit.bg in the end of June.

Elana Finance Holding also announced plans for listing in the beginning of the year. The company did not specify a period for the listing, stating that everything depends on the market sentiment.

There are other companies, such as Net Info.BG hat will hardly go public any time soon.

Sanoma Magazines International already owns 82% of the capital of Net Info.BG, it emerged in the beginning of the month. The company acquired a 68-percent stake in Net Info earlier this year.

Taking into consideration the fact that the stakes were sold by venture capital companies and individuals, as well as the fact that the new majority owner is а media company, it is hard to believe that Net Info.BG will debut on BSE soon.

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