BULGARIA: Devin expected to raise US$12m from IPO
Devin, the Bulgarian water bottling company, is expected to raise at least 17 million levs (US$11.9m) from its IPO.
According to a Reuters news report the lead manager of the placement Elana Trading said that investors are expected to offer between 5 to 8 levs per share in the float. This price band suggests the company will have a minimum market capitalisation of 90m levs.
Devin has said that IPO proceeds will be used to modernisation of the production facilities, an upgrade in output capacity from 26,000 to 40,000 bottles per hour and on the acquisition of beverage companies in the region.
Reuters said Devin is already in advanced acquisition talks with companies in Bulgaria, Macedonia and Serbia. Among the new product launches planned for 2008 is a fruit-flavoured bottled water.
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