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Dec 10, 2007 12:45 EEST
December 10 (SeeNews) - Bulgarian printing and advertising company Billboard will sell company shares in an initial public offering (IPO) at 7.30 levs ($5.47/3.73 euro), close to the high end of the indicative range, the manager of the issue said on Monday.
The offering of 1.5 million new shares, which closed on Friday, was nearly 14 times oversubscribed at the sale price, issue manager First Financial Brokerage House said in a statement.
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Offers amounting to a total of 174.4 million levs have been filed, the statement said.
The company has set a price range of 5.5 to 7.5 levs per share for its IPO.
“Interest was bigger than we expected,” Svetozar Abrashev, a broker at First Financial Brokerage House (FFBH), told SeeNews. Though oversubscription at the maximum price was nearly 13 times, the issue managers together with the company decided as a gesture to investors who took part in the IPO to set the sale price at 7.30 levs, Abrashev added.
Billboard owns six companies, including a company that holds the rights for posting advertisements at the Sofia undeground railway stations, a unit for the sale of printing machines, and a software firm.
The company, owned by local businessmen, expects to raise its revenue to over 23 million levs this year from around 17.5 million levs in 2006. It will put into operation two offset printing machines this year. They will start operating at full capacity in 2008, when total revenue is planned to exceed 35 million levs.
(1 euro = 1.95583 Bulgarian levs)
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