TEL-CELL OJSC initial public offering (IPO) shares have been sold out on November 29, ahead of the original schedule.
The company is now preparing for the listing phase and it will submit a bid to be listed on the stock exchange.
TEL-CELL had announced the IPO of approximately 4 million shares worth a total of 1,5 billion AMD on September 18. The Armbrok investment company implemented the distribution of the shares, while the Armenian Central Depository provided the securities custody service. The price of one share was 400 AMD, the minimum quantity for first-time acquisition was 10 shares, and maximum 500,000.
The IPO deadline was 30 November, 2024, however the company’s shares were sold out ahead of the deadline, which “attests to the great interest towards the shares.”
“Thousands of individuals, companies have become Telcell shareholders by making their most important investment. Buyers of the company’s IPO shares are representatives of the finance sector, the real sector of the economy, as well as regular citizens.
Telcell intends to distribute at least 50% of annual profit as dividend, becoming appealing for investors,” the news release reads.
“Telcell has been progressively developing for the past 17 years, regularly presenting new projects and aspiring for perfection.
Going public, offering our shares, our aspiration to be open for our customers and partners was nothing but the logical continuation of our long and busy business path. I am happy and proud of our team, whose consistent work helped us gain the trust of the people and our customers, and thus attract additional investments through new shares, which will be directed for the implementation of promising major projects,” Telcell CEO Artyom Ghazaryan said.
Telcell is the first company rendering terminal payment services in Armenia. The company was founded in 2007. Currently, Telcell has the biggest terminal network and the flexible Telcell Wallet app. The company has been able to maintain its leading position in the highly competitive market and diversify the portfolio in several strategic directions, creating an ecosystem business.
TEL-CELL OJSC is regulated by the Central Bank of Armenia.
