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Oct 18, 2007 15:42 EEST
October 18 (SeeNews) - Croatian consumer goods distributor Atlantic Grupa said on Thursday it has set the price range for the initial public offering (IPO) of 31.01% of its shares at between 750 and 960 kuna ($187.4/131.1 euro) per share.
"A public invitation to potential investors to subscribe for the shares will be announced on October 22," the company said in a statement.
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Subscription will start on October 23 and will last one week, it added.
The shares will be listed on the Zagreb Stock Exchange (ZSE).
Investors will be offered 382,970 new shares and 382,969 shares owned by shareholder Svetozar Tedeschi. The company plans to offer 75% of the shares in the IPO to institutional investors, while the remainder will be offered to individuals. There will be an 18-month lock-up period for all current shareholders which hold stakes larger than one percent.
The company has said it would used the proceeds raised from the IPO for investments and further development of Atlantic Grupa.
So far Atlantic Grupa has only issued 115 million kuna in five-year fixed-rate bonds, which are listed on the top tier of the ZSE.
Atlantic Grupa (www.atlantic.hr) was set up in 1991 as a family business. It includes consumer goods distributors Atlantic Trade and Atlantic s.r.l, food producer Cedevita, cosmetics maker Neva, nutritional supplements manufacturers Haleko and Fidifarm.
The company's net profit for the first half of 2007 rose by 47% on the year to some 22 million kuna.
(1 euro = 7.3232 Croatian kuna)
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