BAKU, Azerbaijan, June 24. PASHA Bank’s initial public offering (IPO) closed at 129% oversubscription and added nearly 18,000 new shareholders, according to Murad Suleymanov, Member of the Board of Directors and Chief Financial Officer of the bank, Trend's correspondent reports from the event.
Speaking at the “Opening Bell” ceremony at the Baku Stock Exchange marking the listing of PASHA Bank OJSC shares and the start of secondary market trading, Suleymanov said the offering attracted strong investor interest and significantly exceeded supply.
He noted that approximately 17,960 new shareholders were created as a result of the IPO.
“Total demand during the subscription period amounted to $38.8 million. We offered 5% of our capital to the market, but demand exceeded supply. In total, 932,926 shares were allocated, with the overall placement volume reaching, $30.2 million” he said.
Suleymanov added that a single-price mechanism was applied to all investors during the IPO to simplify the process and ensure broad participation.
“The goal was to make the process more transparent and accessible, while enabling the widest possible investor base to participate. The average investment size was $1,680,” he said.
He said the bank’s key strategic objective was to distribute shares among as broad an investor base as possible, noting that priority allocation mechanisms were used during the placement.
As a result, 87% of the funds raised came from individual investors, while about 90% of orders were placed through PASHA Capital.
Suleymanov also highlighted the role of digital channels in the IPO process, noting that PASHA Bank upgraded its mobile application to enable share purchase orders.
Orders worth $10.6 million were placed via the mobile app alone, he said, adding that 55% of the total placement value was executed through digital channels, compared to 45% through physical channels. In terms of order count, 81% were placed digitally.
He further noted that 99.99% of IPO participants were individuals, with only 18 legal entities taking part. In total, 17,942 unique retail investors became new shareholders of PASHA Bank.
