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UPDATE 1 - Bulgaria's economy grows 1.8% y/y in Q3 - prelim data
Serbia posts 47.8 mln euro budget deficit in Jan-Oct
Bulgaria's economy grows 1.8% y/y in Q3 - prelim data
Sep 20, 2007 12:01 EEST
September 20 (SeeNews) - Shares in Bulgarian water bottler Devin surged 22.13% by 0835 GMT on Thursday on their debut on the Bulgarian Stock Exchange and prospects for future gains look promising, brokers said.
Devin traded at an average weighted price of 7.45 levs ($5.34/3.8 euro) at 0835 GMT, up from the issue price of 6.10 levs in the initial public offering (IPO) it held in July.
“I expected a yield of some 30% upon the start of trading, the same as in other large IPOs held earlier – of [computer systems company] Specialized Business Systems (SBS), [car battery maker] MonBat and [industrial conglomerate] Chimimport,” Stefan Angelov, an analyst with Varchev Finance, told SeeNews.
Chimimport’s debut on the stock exchange in Sofia in late 2006 paved the way to an increasing number of floatations.
Angelov added the price of Devin's shares could go further up in line with a recent positive trend on the Bulgarian stock market and the expectations for a good financial performance othe company in the future.
“The price is high and could rise further because there was hunger for these shares [in the IPO],” one broker told SeeNews.
Devin’s IPO was more than 11 times oversubscribed.
The company plans to spend the funds raised in the IPO on capacity increase and expansion in southeast Europe.
(1 euro = 1.95583 Bulgarian levs)
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