Number of orders for new shares of state bank exceeds 11,000

More than 9,000 investors have placed over 11,000 orders for new shares of state-owned International Bank of Azerbaijan (IBA), subscription for which began from June 11.

Nadir Babazadeh, director of the Bank's subsidiary, underwriter of the shares issue of investment company "ABB-Invest", said this.

According to him, subscription for 322 million shares with nominal value of 27 gapiks (AZN 86.94 million) will last until September 10, as was announced earlier: "After that, the date of the beginning and completion of the placement will be announced within 2 working days, and the collected orders will be fulfilled. According to the law, the maximum period for placement-7 working days."

" The higher the price listed on the order when subscribing, the more likely it is that the order will be fulfilled.  If demand exceeds supply, orders at a higher price will be secured first. "And orders from 27 gapiks will be filled in proportion to the number of shares purchased," the director added.