BAKU, Azerbaijan, June 24. PASHA Bank’s initial
public offering (IPO) received approximately $39 million in total
orders, according to Javid Guliyev, Chairman of the Board and CEO
of PASHA Bank, Trend's correspondent reports from the event.
Speaking at the “Opening Bell” ceremony held at the Baku Stock
Exchange to mark the public offering of PASHA Bank OJSC shares and
the start of secondary market trading, Guliyev said the IPO
represented the first private bank listing and the first
private-sector IPO in Azerbaijan.
He noted that secondary market trading of the bank’s shares has
now begun at the exchange, describing the ceremony as a symbolic
milestone for the capital market.
Guliyev said total demand exceeded supply in the offering, with
$39 million in orders placed against $30.2 million in shares
offered. More than 20,000 orders were submitted by approximately
18,000 investors.
He described the outcome as the first IPO in the history of
Azerbaijan’s capital markets in which investor demand surpassed
supply, calling it a sign of strong confidence in both PASHA Bank
and the country’s financial market.
“This IPO should be viewed not only as a successful placement,
but also as the beginning of a new stage in the development of our
capital markets,” Guliyev said, adding that it will help broaden
the investor base, expand financing opportunities for companies,
and support the development of an investment culture.
He expressed confidence that the IPO would serve as a benchmark
for future listings and contribute to further deepening of the
capital market.
