For a country that exports oil to twelve European nations and sits at the centre of Eurasia's most active transit corridor, Azerbaijan's domestic capital markets have long been a conspicuous underdevelopment. The Baku Stock Exchange (BSE) was set up in 1997, but it has only a total of fewer than thirty stocks listed. Until just a few months ago, there were no privately held corporations whose stock went to the market. However, this happened on Monday.

The PASHA Bank, which is among the top three banks in Azerbaijan by asset size, made a public offer of 932,926 ordinary shares, accounting for 5% of its total capital, at the rate of 55 Azerbaijani manat ($32.40) per share. The IPO is open from now until 12 May, and it can be accessed using the platforms of the bank, Birbank Invest, and four underwriters. There is no ceiling in buying shares. The CFO of the bank, Murad Suleymanov, promised a minimum dividend of 30–40% of its earnings against an average of about 60%.

Key terms of Pasha Bank IPO:

932,926 (5% of capital) - Shares offered

55 AZN (~$32.40) - Price

5% per annum during subscription - Return on advance payments

30–40% of annual profit - Dividends

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