The public offering of the country’s leading water bottling company Devin, which is controlled by the Austrian investment group Soravia, was overbid 11 times at the auction held this week. The operation will result in a capital hike of 20% to BGN 17.9mn (EUR 9.1mn). Devin offered also half of the planned additional 0.45mn shares with face value of BGN 1. All shares were priced at BGN 6.1. The market capitalisation of the company, which will cash BGN 18.3mn from the IPO, is expected to reach BGN 109.2mn. The company holds the largest share of more than 30% on the market of mineral waters in the country in a very close competition with the other main player Gorna Bania and slightly ahead of the third biggest bottled water producer Bankia. The sales of Devin surged by 43% to more than BGN 30mn last year and by 112% y/y to BGN 11mn in Q1. Devin is planning to use the raised funds to expand its share on the domestic market and to enter other markets in Southeast Europe. Devin expects to double its profit next year to BGN 3.43mn on sales increase of 11.8% to BGN 63.9mn respectively. Sales and profit are forecast at BGN 100mn and BGN 9.9mn in 2012.