Started from 12 December, IPO of Azerbaijan's largest bank to raise at least 200 million manat of capital has brought the first fruits - on 16 January a group of shareholders comprising 51 persons bought 8,175,418 shares at par.
According to the promulgated Baku Stock Exchange information , the placement volume amounted to 2 125.6 thousand manats. In October last year the IBA shareholders at an extraordinary meeting decided to increase the authorized capital stock within four years by 500 million manat , including 200 million manat at the first stage.
The existing shareholders of the bank (over 1,800 individuals and legal entities ) should use their pre-emptive right to purchase shares at four months. Two months are provided for full placement.
At the time of issue the number of shares of IBA was 1 billion 416 million 666.6 thousand shares with a par value of 0.26 manat each . During the announced issue of shares there will be placed 769,230,775 shares.
The paid up share capital is 368.3 million manat. The control of the bank with equity participation of 50.2 % of the shares is retained by the Azerbaijani government represented by the Ministry of Finance. Apart from that, nobody else has more than 10 % of the shares . - 08D-
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