The State Financial Supervisory Authority (PSzÁF) said on Tuesday it has approved the prospectus of bookseller Bookline.hu, a precondition for the company to list its shares on the Budapest Stock Exchange (BÉT).
Bookline.hu CEO Tamás Dietrich said on August 11 that the company hoped to float its shares by the end of the month, but it planned no issue of new shares in 2006. Bookline.hu has obtained a Ft 12.5 million grant from the Ministry of Economy and Transport to defray the cost of listing, Dietrich said.
Bookline.hu targets revenue of Ft 1.5 billion in 2006, up from Ft 600 million in 2005. The company projects an annual 50% revenue rise in the coming years. Profits are expected to grow as well, from just Ft 10 million in 2006 to Ft 100 million in 2007 and Ft 200 million in 2008, Dietrich said. The company controls 40%-50% of Hungary’s online book market.