Table 2 Comparisons of Individual Investors (II) and Investment Privatization Funds (IPF),

            Wave 2, (Based on Voucher Points Allocated in Each Round)
 

Round
1 
2 
3 
4 
5 
6 
Mean Price Weighted by Supply
Total
50.00 
42.59 
35.83 
37.18 
29.74 
26.44 
Mean Price Weighted by Demand
IPF
50.00 
77.58 
57.58 
70.75 
70.18 
55.18 
II
50.00 
50.23 
40.55 
50.49 
46.05 
44.76 
Mean Price Weighted by Accepted Bids
IPF
50.00 
118.07 
101.98 
74.89 
71.06 
57.34 
II
50.00 
138.43 
88.20 
55.62 
42.91 
45.67 
Percentage of Shares Demanded that Are Actually Allocated by Round
IPF
20.0 
17.9 
17.0 
53.5 
80.0 
83.8 
II
15.8 
8.7 
14.3 
54.0 
76.7 
82.6 
Voucher Point Allocation by Round (Billions)
IPF
772 

(19.74%) 
1651 

(42.23%) 
590 

(15.09%) 
575 

(14.71%) 
257 

(6.58%) 
62 

(1.58%) 
II
275 

(12.21%) 
470 

(20.91%) 
434 

(19.29%) 
681 

(30.27%) 
254 

(11.27%) 
102 

(4.51%) 
Percentage of Available Points Bid
IPF
99.0
93.5
97.6
98.9
100.0
100.0
II
77.4
83.0
88.8
84.8
87.6
85.8

Source: Authors computation