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Bulgaria's Intercapital Group mulls Sofia IPO - CEO

Author Mario Tanev
Bulgaria's Intercapital Group mulls Sofia IPO - CEO hxdbzxy/

SOFIA (Bulgaria), October 18 (SeeNews) - Bulgarian financial services company Intercapital Group, which operates under the brand name Cashterminal, is considering an initial public offering on the stock exchange in Sofia, the CEO of the company told SeeNews on Thursday.

At present, the company's goal is to be entered into the register of public companies and other issuers of Bulgaria's financial regulator, which is expected to happen by the end on the year, Nadezhda Bogoeva told SeeNews over the phone.

Becoming part of the register is a requirement that a company must meet before requesting admission to trading of its shares on the Bulgarian Stock Exchange (BSE).

On Tuesday, the Financial Supervision Commission said that it has asked Intercapital Group to provide additional information and documents regarding its request for approval of a prospectus for admission to trading of share issue on the regulated market of the BSE.

Intercapital Group will hold a meeting of its shareholders around the end of the year to set the terms of the planned IPO, Bogoeva added.

Intercapital Group, established in 2009, operates a network of automated machines for accepting cash payments for different types of services - water and power supply, heating, cable TV, internet.

According to the latest available data from the commercial register, Russian national Ali Aliyev owns a 75% stake in Intercapital Group.

Sofia-based Nixxon Limited, which is fully owned by private individual Vanya Chervenkova, holds a 20% stake in the company.

The remaining 5% interest is held by Sofia-based Luck Capital Group, a company fully owned by private investor Ansar Mazaev.

In 2017, Intercapital Group generated revenue of 4.5 million levs ($2.6 million/2.3 million euro), up from 3.5 million levs the year before. However, the company's net profit decreased to just over 20,000 levs in 2017 from 1.3 million levs a year earlier, due to a rise in expenses.

Intercapital Group has a registered capital of 3.85 million levs, divided into 3.85 million shares.

The company added 300 "cash terminals" to its network across Bulgaria last year under a 1.1 million levs project 70%-financed from EU funds. 

The company employed 20 people in 2017.

(1 euro = 1.95583 levs)