Ard Daatgal IPO subscription opens at MSE

Ard Daatgal JSC, an insurance company, launched its IPO on the Mongolian Stock Exchange (MSE) on September 17. The launch marked the sixth new issue listed on MSE in 2018 as well as the second ever IPO for an insurance company.

Established in 1994, Ard Daatgal is the first private insurance company of Mongolia as well as one of the first companies listed on MSE. The company has 24 branches and 238 insurance brokers. In order to expand its operations and increase equity, the company is offering 30 percent or 7.5 million shares of total outstanding shares to the public for 700 MNT per share in order to raise 5.25 billion MNT.

BDSec JSC is the main underwriter for the IPO while financial auditing was conducted by Dalai Van Audit Corporation LLC, legal counsel was provided by ELC law firm and asset valuation was conducted by BDO Audit LLC.

Subscription for the stock will be open between 9:00 a.m. Monday, September 17, 2018 to 2:00 p.m. on Wednesday, September 26, 2018.

In case of oversubscription for the stock, shares will be allocated on a pro-rata basis to all investors in accordance with the Primary Market Trading Rules of MSE.

To honor the occasion of the opening of the stock subscription of Ard Daatgal, the CEO of Ard Daatgal G.Tsogbadrakh rang the bell to start the 5,808th day of trading at MSE.