The full-year profit target of Bulstrad is 4.329 mln levs which would be a considerable improvement on the 549,000 levs profit posted in 2003, shows the IPO prospectus of the local insurance company made public on August 24. Bulstrad, member of the TBIH Group, recovered from a 1 mln levs loss incurred in 2001 and the 3 mln levs loss posted the next year. 2004 revenues are seen rising 3 mln year-on-year to 105.1 mln levs with overall costs increasing by 7 mln to 22.4 mln levs. The IPO prospectus values the shares of the insurer at 18.99 levs but the stock is likely to rally to at least 20 levs once it hits the market. The initial offering will involve a 13.62% stake in Bulstrad owned by the state. Bulstrad's investment portfolio includes equity holdings in 11 companies to the total worth of 10.7 mln levs. The 11.45% that Bulstrad owns in pension insurance leader Doverie are valued at 9 mln levs. Bulstrad also controls 40% of Bulstrad-Health Insurance, worth 375,000 levs, and a 49.8% stake in special purpose vehicle TBI BAC Real Estate valued at 249,000 levs.