"Telcell" launches IPO with a volume of AMD 1.540 billion

ArmInfo. "Telcell", a leading payment settlement company in Armenia, has conducted an initial  issuance of its ordinary non-documentary shares with a volume of 1.540 billion drams (AMD). The issue of shares was launched on September 18 this year, as noted in the prospectus for the share offering.

The par value of one share is set at 400 drams, and a total of 3.850  million units have been issued. The allocation of these shares is  planned to be completed by November 30 this year inclusive. The share  allocation  is managed by Armbrook, an investment company.

A key feature of the offering is the ease of purchasing Telcell  shares through the Telcell Wallet application Telcell management  intends to: "Distribute at least 50% of our annual profits as  dividends to our new shareholders." ArmInfo was unable to obtain  information from either the company or the underwriter of the issue  regarding whether the company's shares will be listed on the Armenian  Stock Exchange (AMX) and participate in exchange trading.