The first IPO of 2020

This year's first IPO starts with Bodi Insurance (MSE:BODI), which was established in 1995. The company offerred 20 percent of the total shares to the public and is listed on the Mongolian Stock Exchange as a Tier I issuer. According to the prospectus, the valuation price per share was 125 MNT, but the company planned to offer up to 35.2 million shares of the total issuing shares to the strategic investors at the fixed price of 113 MNT (10% discount) and more than 11.7 million shares to the public by a method of book building at the price between 113 MNT and 135 MNT. The aim was to raise total of 5.3-5.58 billion MNT to be used for investment activities and technology advancement.

The primary market order intake was successfully completed between May 25 and June 8, 2020. In total 959 investors put a total order of 5,318,225,672 MNT, the minimum planned amount. Considering the total subcription amount and order prices, the final offering price was set at the minimum level of 113 MNT. The MSE:BODI secondary market trading will begin upon FRC's reckoning of a successful IPO. 

The public offering was carried out by BDSec JSC as the main underwriter, and BDO LLC as an auditor, ELC as a legal advisor and Gerege Estimate LLC as an asset valuation service provider.