Earlier this month Tax-news.com reported on the launch of Globe Financial Management's initial public offering (IPO) in Malta. Last week the Malta Business Weekly said that the IPO was oversubscribed just one day after the applications were on offer by 1.65 million shares and Globe confirmed that it had received over 1,950 applications for 8.9 million shares.
Globe's chairman, Christopher Pace, has announced that instead of reducing the number of applicants the company will introduce its 'over-allotment option' in an attempt to meet the demand of the applicants. Mr Pace told the Malta Business Weekly: 'We were overwhelmed by the tremendous response, we did expect a good take-up, but certainly not within 36 hours. The board is extremely satisfied with the large number of new shareholders, who have shown confidence in the company. I would like to thank all investors for supporting this share offer, and the company’s advisors, who have contributed towards its success ... This is exciting, as we have many plans, we have been working towards this share offer for the last 15 months, and are thrilled at the outcome.'
Tom Anastasi Pace, general manager for financial markets at the Bank of Valletta - underwriter for the share offer - added: 'We were very pleased with the smooth handling of the offering, and the early closure following the very strong response. We received great support from all participants, and this IPO was another successful chapter in the development of capital markets.'
A subsidiary of the Globe Organisation, Globe Financial Management is a Maltese company licensed to conduct investment services business by the Malta Financial Services Centre. The company provides access to equities, bonds, funds and other financial instruments on the international markets and is an exclusive distributor of Barclays International Funds in Malta.
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