Mongolia’s first IPO of a non-banking financial institution LendMN has raised MNT 43.8 billion after it listed at the Mongolian Stock Exchange. Initially, the company offered 25 percent of its shares to raise MNT2.5 billion from the public and another MNT 2.5 billion from strategic investors. Mirae Asset Securities Mongolia reported that the company raised MNT 41.3 billion from the public. According to the underwriter company, more than 6000 people purchased the IPO and the early plan includes to set minimum bid lot at MNT 75 thousand and the remaining will be allocated proportionally. Lastly, iTools JSC’s public offering was oversubscribed by 3 times, beating the historic record. This time, the public offering of LendMN JSC, which is gonig to be listed in classification III of the MSE, was oversubscribed by 16.5 times. The MSE has announced that when new products come to the capital market, the public perception of stocks grows. Thus, the increasing participation of the public in the capital markets affected the public offering of LendMN JSC. Presently, the company is waiting for the Financial Regulation Commission to announce about successfull launching of the IPO. The MSE reported that the public will be able to refund their money after the FRC’s decision.

Source: BloombergTv.mn