The news article is posted along with Steve1 comments so the reader will be more informed about the IPO and will make Steve1's comments more understandable - They were not originally together - We hope this helps - The Recaps Team
Asiacell IPO “Fully Booked” Asiacell’s share sale has been fully subscribed before its closing date, according to the IPO’s organizer. Shwan Ibrahim Taha, chairman of Rabee Securities, confirmed to Bloomberg News:
“The offering is now comfortably covered with a good mix of retail and institutional demand from within Iraq as well as institutional and high net worth demand from abroad.“ Asiacell Chief Executive Officer, Diar Ahmed, told the news agency: “
Such big success will encourage other big entities to follow suit and will help the Iraq Stock Exchange attract more institutional investors into Iraq.“ The $1.3-billion fund-raising is the most for an IPO in the MENA region since Saudi Arabian Mining’s share sale more than four years ago, according to data compiled by Bloomberg.
“Asiacell will force international skeptics to reconsider their views about the exchange and Iraqi equities, and potentially lead to increased investment,” Geoffrey Batt, managing director of the $44 million Euphrates Iraq Fund, told Bloomberg. Shares are due to start trading on the Iraq Stock Exchange on 3rd February. LINK
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Post Below From Steve1 Peoples Dinar In reference to IPO
Posted 29 January 2013 - 11:47 AM Greetings,
I just wanted to share a couple things about this IPO. I realize it is now closed. I did not want to risk my monies or yours without some written assurances from the ISX broker.
While working thru another member here, we tried to gather as much information as possible, so I came up with two very good questions in which I wanted answered before I move any further.
Question 1: Does the Iraqi currency have to be tradable before this can take place?
Question 2: If the IPO does not materialize, do we get all funds returned or refunded?
I tried to sneak question number one in, and they were very quick to answer question number 2 with hesitation.
So, they actually avoided the first question all together.
Now, I maybe thinking outside the box here, but if the currency did not need to be tradable, then I think they would have very simply and easily just stated so, but answering that question was avoided all together which makes me lead to believe it does.
Here was their exact reply:
No covering the amount does not seem a possibility now, and there will be an
announcement from the company in the next few days. Also, if it was not raised
the rest of the share would have been cancelled, or in the case of very small
subscription and the deal cancelled or postponed the amounts would have been
returned to you. Kind regards, Rami
Please do not read too much into this, but at least an effort was made for a trick question hoping they would slip up They did not.
Any comments or questions are more than welcome. Blessings, Steve