ITools recently concluded its IPO offering of 13.4 million shares (38.6 percent) on the Mongolian Stock Exchange. The orders for the stock were oversubscribed by three times with the total subscription reaching 39,786,996 shares ordered by 1,072 individuals and entities.
The orders for the IPO totaled almost four billion MNT and the number of people and entities subscribing to it set a record amount for an IPO on the Mongolian Stock Exchange. Just the 18th company to release an IPO on the Mongolian Stock Exchange, the IPO has been noted as the first of its kind released by an information technology company on the exchange.
The Mongolian Stock Exchange reported that an allotment notice has been sent to the Financial Regulatory Commission, filling all orders up to one million MNT while allotting those over one million MNT on a pro-rata basis.
ITools was founded in 2011 and provides over 30 products and services such as domain name registration, internet and e-mail provision. The company offered 38.8 percent of its outstanding shares through its IPO with plans to expand its data center business by founding a TIER III standard Modular Data Center Park in Darkhan City.
“The main significance and goal of the IPO of our company is to raise capital for our proposed project. The first IPO being raised from the information technology sector will create an opportunity for more IT companies to launch their IPOs on the Mongolian Stock Exchange,” said ITools founder A.Battamir.
With the IPO, the company has raised 1.3 billion MNT required for the construction of a TIER III standard Modular Data Center Park in Darkhan City.
Mongol Shuudan JSC was the latest company to release its IPO on the Mongolian Stock Exchange, having been oversubscribed two times over with 382 individuals and entities placing orders.