Member of first IPO in Azerbaijan to sell up to 10 per cent of its shares

Business Materials 13 September 2013 15:03 (UTC +04:00)

Azerbaijan, Baku, Sept. 13 /Trend H.Valiyev, A.Akhundov/

Azerbaijani online payments operator Goldenpay which for the first time in Azerbaijan enters IPO at the Baku Stock Exchange plans to sell five to 10 per cent of its shares, an informed source close to the process told Trend on Friday.

According to the agency's interlocutor, the company is already conducting a survey of the population to identify the demand for its shares.

Goldenpay plans to launch a free sale of a part of its shares this month. The preliminary price of one share will range from 10 to 50 manats. Pasha Bank will act as a mediator during the first IPO in the country.

Touching upon the incomes obtained by the company as a result of this operation, the bank said the matter rests in several million manats.

Earlier the chairman of the State Committee for Securities of Azerbaijan Rufat Aslanli said that studies show that in a local market, demand for IPO is several times more than the offer.

Goldenpay is the provider of online payment services in Azerbaijan. The company was established in 2007. The system allows local companies to receive the payment for the rendered services or products through plastic cards of any banks, thanks to cooperation with international payment systems Visa and MasterCard.

The Hesab.az website serves as a platform for online payments in the Internet. The site was built on the basis of Goldenpay's payment technologies.

Hesab.az provides online payments for municipal services, those of mobile and stationary communication, Internet services and cable TV with the help of bank cards

In addition the consumers are also provided with the services of payment of bank credits and online-insurance. At the moment the number of registered subscribers on the portal exceeds 74,000 who have the possibility to open a personal cabinet, enter a log of existing transactions and earn bonuses by participating in the auctions on various prizes.

The official exchange rate for September 13 is 0.7845 AZN / USD.