KazTransOil IPO book subscribed twice over
ALMATY. Dec 6 (Interfax) - The order book for shares in the People's IPO being held by Kazakh oil pipeline monopoly KazTransOil is subscribed twice over at 55.9 billion tenge, the company said in a press release.
The deadline for bids by members of the public and Kazakh pension funds was 5:00 p.m. local time on December 5. Some 25,218 bids were received - 25,207 of them from members of the public and 11 from funds and the market maker. Members of the public bid for 18.7 billion tenge worth of stock or 67% of the offering. Their average bid was 740,000 tenge. Those who did not manage to register their bids by the deadline can buy shares when secondary trading begins on the Kazakhstan Stock Exchange on December 25.
The bid book opened on November 6.
KazTransOil is the first of several leading Kazakh companies to be offering shares in so-called People's IPOs. The pipeline operator offered 38,463,559 shares at 725 tenge each (150.47 tenge/$1 on Dec. 6).