The underwriting in the primary market is conducted through the Stock Exchange in three rounds. The first-round targets client investors who are not TIN Bondholders (up to 10% of the total amount to be issued). The second round targets the TIN bondholders who can exercise their pre-emptive right to underwrite 90% of the securities they have plus the percentage they are entitled to of the amount that could not be placed in the first round. The third round is a free underwriting addressing all the public for the remaining amount after the second round.
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