Table 2. Comparison of individual investors (II) and mutual funds (IPF) based on voucher points allocated in each round to Czech enterprises*

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Round              1          2          3           4           5
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Voucher point allocation by round (millions)
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IPF               1,877      2,142       573        199        180
                 (38.0%)    (41.4%)    (11.6%)    (4.2%)      (4.3%)
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II                 392        661        233        196        183
                 (27.1%)    (36.25%)   (12.5%)    (10.4%)     (12.9%)
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Points bid by round (millions)
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IPF               4,815      2,994       974        389        195
                 (95.3%)    (92.4%)    (99.2%)    (100%)      (100%)
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II                1,484      1,049       555        336        200
                 (84.2%)    (78.3%)    (84.1%)    (77.6%)    (81.8%)
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Percentage of shares demanded that are actually allocated by round
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IPF               38.98      53.91      17.18      37.44       87.88
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II                26.41      46.90       7.79      39.70       83.98
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Percentage of points bid that are actually accepted (by round)
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IPF               39         71.5       58.8       51.2        92.4
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II                26.4       63         42         58.4        91.9
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Sold out units by round
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No. of units      30         56         25         59          26
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Shares in sold     9.9       13.0        3.3       16.8         4.9
out units         (4.7%)    (6.1%)     (1.5%)     (7.9%)      (2.3%)
(in millions)
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Mean share price weighted by accepted bids
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II                33.33      35.07      29.61      13.93       12.73
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IPF               33.33      53.06      44.59      17.38       17.87
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