State Securities Committee expects first IPO in Azerbaijan in 2014
Baku, Azerbaijan, Nov. 28
By Emin Aliyev - Trend:
The Azerbaijani State Securities Committee expects the first IPO to be held in the country in 2014, the Azerbaijani State Securities Committee administration head Bakhtiyar Azizov told journalists on Thursday.
"2014 is connected with our high expectations," he said. "One of them is to hold the first IPO - Initial Public Offering on the Baku Stock Exchange," he said.
Several Azerbaijani companies, including GoldenPay preparing for the placement, have shown an interest in holding the IPO.
GoldenPay is a company specialising in the e-payments. The company expects to put 10 per cent of its shares to a public offering.
"At present, the preparation process is underway," he said. "Various consultations are being conducted with professional market participants and the State Committee."
Earlier it was reported that the first IPO in Azerbaijan may take place by late 2013.
Preparation for a public offering envisages various procedures, including a financial audit.
Moreover, it will be necessary for the company to re-register from a Limited Liability Company to Open Joint Stock Company for an IPO.