The stock value of ITools LLC, which recently launched its IPO on the Mongolian Stock Exchange, rose 15 percent from the original 100 MNT valuation to become 132.25 MNT per share.
The first day of trading of the company’s stock on the secondary market saw 34,000 stocks being traded for four million MNT.
More than 1,000 individuals and companies were involved in the primary market trading. ITools received orders of over 40 million stock, meaning its IPO was oversubscribed by almost 300 percent.
ITools expects its stock price to increase further as interest in the stock increases. The company had offered 38.8 percent of its stake, issuing 13.3 million shares at 100 MNT per share. Having become the first information and technology company to launch an IPO on the Mongolian Stock Exchange, ITools raised 1.3 billion MNT to build a data center park in Darkhan City.
The company provides over 30 products and services such as domain name registration, internet and e-mail provision.