The ASF has asked brokers for data about the subscriptions in the DIGI offer

• UPDATE 10:12 DIGI stock opened at 41.7 lei/share

Digi Comunications (DIGI) opened today's trading session on the BSE, above the closing price in the IPO, at 41.7 lei.

The Financial Oversight Authority (ASF) has asked brokers to send it data about the subscriptions in the DIGI Communications IPO, respectively about the subscriptions which used bank guarantee letters or where the brokerage firms committed to perform the settlement.

The request of the ASF comes after criticism has made the rounds in the market over the fact that the use of bank guarantee letters for the subscriptions in the DIGI offer has led to the inflation of demand, generating an oversubscription of 2700%, on the retail tier.

Lawyer Gheorghe Piperea said, last week, that the ASF needs to urgently refer the matter to itself concerning a possible market manipulation, in the case of the use of bank guarantee letters in the Digi Communications IPO.

The ASF has asked brokerage firms to send, by today, information on investors' subscription commitments in the DIGI IPO, in terms of amounts and percentages of the brokerage firms' own funds.

The ASF has also enquired on whether the brokerage firms have internal rules and regulations concerning the cases, conditions and limits under which the brokerage firm pledges the settlement of the financial instruments subscribed by their customers in IPOs, if the internal rules and regulations also concern aspects of a prudential nature in the case of their assuming of the settlement of the equivalent value of financial instruments subscribed by their clients in IPOs, whether the subscriptions made in the aforementioned offer have complied with the aforementioned rules and procedures, including as far as the qualifications of the individuals that have approved the operation to assume the settlement by the intermediary, if the rules and internal procedures are adequate, given the fact that the intermediary is the only one that can and should evaluate that.

Subscribing through a bank letter of guarantee or through a statement concerning the settlement commitment issued by the custodian was allowed, according to the prospectus.

The DIGI IPO closed at a price of 40 lei /share, meaning that retail investors who subscribed in the first five days get a discount of 7% (to 37,2 lei/share), and the others, a discount of 3% (at 38.8 lei/share).

The company has announced that it expects the trading of DIGI shares to begin today. The Board of the ASF issued yesterday the Certificate for the Registration of Securities of the shares issued by DIGI Communications NV. By the time the newspaper had gone to print, the Bucharest Stock Exchange had not reported on whether it had allowed trading in the DIGI shares to begin.

According to the prospectus, the subscription through bank guarantee letters or through a statement concerning the commitment to perform the settlement issued by the custodian agent was allowed, according to the prospectus.

The DIGI IPO closed at a price of 40 lei /share, meaning that retail investors who subscribed in the first five days get a discount of 7% (to 37.2 lei/share), while the rest will get a 3% (to 38.8 lei/share).

The company has announced that it expects trading of DIGI shares to begin today. The Board of Directors yesterday issued the Securities Registration Certificate of the shares issued by DIGI Communications NV.