Demand for PASHA Bank IPO exceeds 100% ahead of closing date

Domestic demand for shares in PASHA Bank’s initial public offering (IPO) has exceeded 100% before the official closing date of June 12, Murad Suleymanov, a member of the bank’s Management Board and Chief Financial Officer, said.

“The order book being fully covered shows that there is strong domestic interest in capital market instruments in Azerbaijan, where households have traditionally kept their savings in real estate and bank deposits,” Suleymanov said.

To support secondary market trading and improve liquidity, PASHA Bank plans to increase the number of market makers from the initially planned three to four. They will operate within the legally established ±7% price corridor.

The shares will also be available through the country’s leading digital banking and investment platforms, including ABB Invest, Birbank and Neo.
The offering is being conducted through a three-tier proportional allocation system designed to favor small retail investors. Under the rules, investors placing orders of up to 20,000 manats are guaranteed allocation of at least one share before institutional investors.

The IPO price has been set at 55 manats per share, while the legal nominal value of each share is 20 manats. Suleymanov said the valuation was determined independently based on the bank’s accumulated assets, financial strength and expected profitability rather than on nominal value.
To preserve the time value of investors’ funds, unallocated cash will earn an annualized 5% overnight interest rate until the final allocation date.

The offering represents a 5% stake in the privately owned bank and is being closely watched by analysts as a benchmark for transparency, corporate governance and retail investor participation in Azerbaijan’s non-oil financial sector.

PASHA Bank has offered 932,926 ordinary registered shares, representing about 5% of its charter capital of 354.51 million manats, and aims to raise 51.3 million manats through the IPO.

The subscription period began on April 13, 2026. Initially scheduled to end on May 12, it was later extended until June 12, 2026.

N.Tebrizli