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Khan Bank announces the launch of an initial public offering www.gogo.mn
Khan Bank LLC has officially started initial public offering of its shares today.
In accordance with the Banking Law, Khan Bank has been preparing to become public with the launch of an initial public offering since February 2021, within the timeframe specified in the relevant laws and regulations. On December 9, 2022, the Financial Regulatory Commission (FRC) approved the listing of ordinary shares of Khan Bank LLC as securities for an initial public offering.
Khan Bank, the nation’s largest bank and a leader in the banking and financial sector, plans to raise 183.4 billion MNT by offering 191,219,800 (10 percent of Khan Bank’s total shares) shares at 959 MNT per share. Proceeds from the offering will be used for the Bank’s digital transition, information technology investment, environmentally friendly green projects, and long-term mortgage financing within the Bank’s medium-term strategy.
The Bank’s lead underwriter is BDSec LLC, Tavan Bogd Capital LLC is the assistant underwriter, MJL Attorneys LLP and KhanLex Partners LLP are legal advisors, BDO Audit LLC serves as an external evaluator, and EY Mongolia Audit LLC is the IPO’s financial auditor.
In the 32 years since its establishment, Khan Bank has opened more than 540 branches throughout the country to provide the most reliable and fast financial products and services that meet customer needs at all times. More than 6,500 employees serve 82 percent of Mongolia's population every day through the Bank’s branches and digital channels, utilizing innovative technology solutions to help customers achieve their financial goals and find business success.
Khan Bank’s total assets rose from 13.5 trillion MNT in 2021 to 15.0 trillion MNT by December 31, 2022. The Bank’s loan portfolio went from 7.0 trillion MNT to 8.0 trillion MNT, total funds rose from 12.0 trillion MNT to 13.3 trillion, and total net profits increased from 291.5 billion MNT to 449 billion MNT, the highest figure in the nation’s banking system.
By becoming a publicly traded company, Khan Bank has started a new chapter of development, and our customers have the historic opportunity to grow with us as shareholders.
The primary market trading of shares is scheduled to be held on the Mongolian Stock Exchange between April 13-19, 2023.
Published Date:2023-04-05
