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.
