1,480 Times Oversubscription In Trace Group Hold's IPO Officially Confirmed

1,480 Times Oversubscription In Trace Group Hold's IPO Officially Confirmed

The underwriter of Trace Group Hold's IPO Somoni Financial Brokerage announced preliminary official results today. The IPO was oversubscribed 1,479.6837 times, the data shows.

The placement of orders is undergoing final checks at the moment. All investment intermediaries have already been informed of placement of orders for their clients, double orders are being cleared at the moment. Five orders have been disqualified so far. Only minor corrections to figures may be expected ( in case other orders are disqualified, such as subscriptions made by the same person via diffrenet intermediaries etc.).

So far it was announced that there is one person who has made five orders, three persons have made three orders each, and 76 people have doubled orders via different intermediaries. One investor has guessed the exact amount of oversubscription (1,480 times) and will receive one share for free. There are other participants who were closed to the figure but a little below it.

A little over 620 investors filed maximum orders, i.e. they filed subscription for 200,000 shares, or 22,100,000 leva (11.299 mln euros).

To find out to what amount an order will be placed, an investor has to multiply the number of shares they subscribed by the oversubscription coefficient 0.000676. This means that the maximum amount of shares an investor may get is 135 (in case they subscribed the entire lot).

It is expected that shares will be floated on the market at the beginning of December.

What follows next is that subscribed shares must be paid, and then the capital increase will be registered by the court. After that, the financial institustions FSC, BSE and CD will register the issue for trade – these are procedures which do not take long.

Trace Group Hold will increase capital from 2 mln leva (1.022 mln euros) to 2,200,000 leva (1.124 mln euros). The company will use the resource for development, and the public statute will enhance its popularity with investors, and with the public as a whole.

„We are thankful to investors for the interest they showed in us, we find this very demanding on our part. We are happy that our shareholders are so many in number, eventhough the stakes they own are small. This is exactly the result we hoped for when we were defining the IPO parameters. We are sorry that small orders will not be placed due to the huge oversubscription, but we hope this will not be the only opportunity for some investors to become our shareholders. I do not find the oversubscription figures alarming. I will not be offering the additional 40,000 shares (such possibility was stated in the prospectus) as it is clear that this amount will also not be enough,“ the chair of the Board of Directors Nikolay Mikhailov said.

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