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Oct 24, 2007 19:16 EEST
October 24 (SeeNews) - Bulgarian domestically-owned Investbank will float 12.5% of its share capital in an initial public offering (IPO) in Apri to finance growth, the bank's board chairman and chief executive Vladimir Vladimirov said on Wednesday.
"We've decided to end this year and have our financial statements audited. I think it [the IPO] will take place at the beginning of April," Vladimirov told SeeNews.
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"The expected market capitalisation will exceed 600 million levs ($436.6 million/307 million euro)."
Vladimirov said Investbank would issue 10 million shares with a face value of 1.0 lev in the IPO and will offer them to investors. The issue price has yet to be set. The new issue will increase the bank's share capital to 80 million levs in nominal terms.
Investbank posted a seven-fold rise in pre-tax profit through September to more than nine million levs. It expects to close the current year with a pre-tax profit of over 10 million levs. Its assets are expected to exceed one billion levs.
The bank ranked the 14th largest Bulgarian lender by assets at the end of August. Investbank (www.ibank.bg) has a network of over 120 branches and offices across the country, servicing over 200,000 companies and individuals. Bulgarian diversified group Festa Holding and its wine-making unit Vinkom control almost 99% of Investbank, data from the bank showed.
Earlier this month, global rating agency Moody's raised to B2/NP, from B3/NP the bank's Global Local Currency (GLC) and Foreign Currency deposit ratings and affirmed the E+ Bank Financial Strength Rating (BFSR). All ratings carry a stable outlook.
The Bulgarian banking system comprises 25 domestically-registered banks and the branches of five foreign banks. Only five of the domestically-registered banks are listed on the bourse in Sofia.
(1 euro = 1.95583 Bulgarian levs)
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