First Azeri IPO set for this month

By bne IntelliNews September 16, 2013

bne -

Online payments company Goldenpay intends to sell up to 10% of its shares in the first ever Azeri IPO. The long awaited debut float on the Baku Stock Exchange is slated to happen in September.

The shares will be sold to local retail investors on the BSE. The company says it is in the process of conducting market research to estimate the size of the potential demand. The preliminary price of one share ranges all the way from AZN10 to AZN50 ($7.8- $39).

The issue is being organised by Azerbaijan's leading investment bank Pasha, which will act as a mediator during the float. Rufat Aslanli, chairman of the State Committee for Securities of Azerbaijan, said that government research suggests demand for the issue will be several times in excess of the supply.

"The demand for the Azeri IPO market is many times greater than the supply," he claimed, according to Trend.az. "Potentially two to three companies may hold an IPO in 2013 on the BSE."

Established in 2007, Goldenpay offers online payment services in Azerbaijan. It owns the Hesab.az website, which is the largest online payment site in the country.

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