Wednesday, June 22 2011 17:55
ARARATBANK to enter IPO market with USD 10-15 million
ArmInfo. ARARATBANK intends to enter the IPO market with USD 10-15 million in Sep-Oct 2011 or in Feb-Mar 2012, Chairman of Board of ARARATBANK Ashot Osipyan told ArmInfo correspondent.
At the same time, at the annual assembly of ARARATBANK shareholders on Wednesday the chairman of Board said that one of the deputy chairmen of ARARATBANK Board has recently carried out premarketing of the bank's shares in the Baltic states and determined the price of the shares and the opportunities of their placement. "Today the shares of our bank are in demand in the Baltic countries", Osipyan assured. He added that by the shareholders' decision, the volume of ARARATBANK's free float under the planned IPO will be increased to 10%.
For his part, Deputy Chairman of Board of ARARATBANK David Haroutyunyan told ArmInfo correspondent that the bank is going to hold IPO in the Baltic states via NASDAQ OMX. Osipyan also said that a week before the bank received a proposal for holding IPO at an alternative market in London.
To note, the majority shareholders of ARARATBANK are Flash company, one of the largest oil traders of Armenia, with 74.1% share of participation, and the European Bank for Reconstruction and Development with 25%+1 share.