Public Offer Subscription Review Worksheet

For committee-facing use, pair this research with Angola Institutional Source Verification and Angola Public Offer Prospectus Review before turning source analysis into a decision memo.

Direct answer

A public offer subscription review worksheet should check the controlling offer document, investor category, eligibility evidence, subscription deadline, payment method, allocation rules, oversubscription treatment, refund timing, custody account, settlement date, lockups, and post-offer liquidity evidence.

The worksheet does not decide whether a reader should participate. It organizes the mechanics and questions that must be verified.

When to use this worksheet

Use this worksheet when reviewing a public offer, privatization offer, exchange-related subscription, retail tranche, institutional tranche, employee tranche, or foreign investor access question.

It is especially useful before speaking with brokers, custodians, legal advisers, tax advisers, or internal committees.

Offer identification

Issuer or asset:
Selling shareholder, if any:
Offer type:
Country:
Exchange or market, if relevant:
Regulator, if relevant:
Offer document reviewed:
Document date:
Review date:

Investor category

Investor category claimed:
Domestic retail / foreign retail / domestic institutional / foreign institutional / employee / strategic / professional / other

Document defining category:

Category requirements:

Open eligibility questions:

Eligibility is not suitability. This worksheet only organizes participation mechanics.

Source evidence table

Subscription mechanics

Subscription opening date:
Subscription closing date:
Minimum subscription:
Maximum subscription:
Application method:
Required forms:
Required identity documents:
Tax documents:
Broker or distributor:
Payment account:
Currency:
Failed payment treatment:

Allocation review

Allocation method:
Full / pro rata / priority / discretionary / unknown

Oversubscription treatment:

Tranche priority:

Expected allocation date:

Allocation notice method:

Open allocation questions:

Allocation is not guaranteed unless the offer documents say so.

Payment and refund review

Payment deadline:
Payment method:
Payment currency:
Refund trigger:
Refund timing:
Refund currency:
Refund account:
Interest on refunds, if any:
Charges or fees:

Capital may be tied up between subscription and refund. That should be visible before a decision process advances.

Custody and settlement review

Custody account required:
Central securities depository account required:
Broker account required:
Settlement date:
Securities credit date:
Statement or confirmation method:
Failed settlement treatment:
Foreign investor documentation:

Listing, trading, and liquidity review

Listing or admission expected:
Exchange or market segment:
Trading start date:
Conditions before trading:
Market maker or liquidity provider:
Free float:
Lockups:
Transfer restrictions:
Liquidity evidence reviewed:

Listing does not guarantee liquidity. Liquidity evidence should be checked separately.

Adviser questions

Broker or distributor

• What account is required?
• What documents must be submitted?
• How is allocation communicated?
• What fees apply?
• How are refunds processed?

Custodian

• Can the securities be held for this investor type?
• What settlement process applies?
• What statements or confirmations are issued?

Legal adviser

• Is the reader eligible under the offer documents and jurisdictional rules?
• Are transfer restrictions or lockups material?
• Are foreign investor limitations relevant?

Tax adviser

• What tax documentation is required?
• Are withholding, stamp, capital gains, or reporting obligations relevant?

Red flags

Red flags include:

• Offer document is not final or current.
• Investor category is unclear.
• Foreign investor access is assumed but not documented.
• Allocation is discretionary with weak criteria.
• Refund timing is vague.
• Custody steps are unclear.
• Listing is implied but conditionality is missing.
• Liquidity is marketed without evidence.
• Lockups or transfer restrictions are hidden.

Related OHUASI research

Use this worksheet alongside:

• Public Offer Allocation and Settlement Guide for Africa.
• Investor Eligibility vs Investment Suitability.
• How to Read an African Privatization Prospectus.
• BODIVA Capital Markets Hub.
• No Investment Advice Disclaimer.
• Request a BODIVA Market Briefing.

Disclaimer

This worksheet is informational and organizational. It does not provide investment, legal, tax, brokerage, custody, underwriting, fiduciary, or securities advice and does not determine eligibility or suitability.