Mongol Basalt IPO subscribed 3.2 times

ZGM DAILY

2018-05-25 17:32 GMT+8

National stone wool manufacturer Mongol Basalt JSC launched its IPO on the primary market earlier last week and closed yesterday. On the primary market, the IPO subscriptions totaled MNT 20.4 billion. The company’s initial plan was to raise MNT 6.4 billion from the public. The IPO subscription exceeded by over 3.2 times.

According to Bumbat Altai Securities LL C, the underwriter of Mongol Basalt JSC, the IPO received a total of 3102 subscription offers. Due to the oversubscription, the bids equaling MNT 1 billion will be allotted in a proportionate basis by the total number of subscribers, while the remaining MNT 5.4 billion will be allotted by the bid amount.

Mongol Basalt JSC had an early plan to earn MNT 2.5 billion profit this year. As of the first five months of 2018, the company reported that it has tripled its profit expectation.

With the closure of the primary market trades, the IPO will be traded on the secondary market after the FRC confirms the bids.

Starting operations in 2007, Mongol Basalt JSC is making an effort in tackling global warming by reducing carbon dioxide emissions, giving significant contribution to curb the air pollution in Ulaanbaatar by introducing the energy-saving and heat-loss preventing stone wool to consumers. Accordingly, the company has started working on various major construction and investment projects; for instance, the company has collaborated with the “Genco Tour Bureau” on the construction of Chingis Khaan Equestrian Statue, using their first sample for the interior lining of the monument.

Also, the company was involved in major construction works in the capital, such as, “Ulaanbaatar Department Store”, “Shangri La”, “Ramada” hotel, “JiguurGrand” buildings and the new international airport, demonstrating the quality of its product.

Tugs.B

GoGo Facebook Page
 
 

Go to top