The Palestine Electric Company (PEC) will raise $19.8 million in one of the largest-ever initial public offerings on the Palestine Securities Exchange (PSE), Jerusalem Post reported Tuesday.
Quoting an official source from Nablus-based PSE as saying "it is one of the largest IPOs ever on the Palestine Securities Exchange," noting that the Palestine Telecommunication's 1997 IPO, which raised $45m remains the largest in PSE history.
The electric company's IPO was met by greater than expected demand, the daily said.
The PEC had initially planned to raise $19.8m by offering 19.8 million shares with a par value of $1 each, representing 33 percent of the company's equity capital. During the two-week subscription period, however, the company received some $75m in applications for shares, the press reported.
PSE, which is in full operation now, was formed in 1995. There are 23 shareholding companies approved for listing including pharmaceuticals and utilities as well as telecommunications and financial services - Albawaba.com
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