Lead Managers of Golden Web's Initial public offer or IPO have told JOY Business Report that they are confident that the offer will meet its objective of raising ? 4.5 billion.

Their comments come with just over a week to the close of the offer on the 8th of next month.

The Securities and Exchange Commission (SEC) obliged Golden Web's request to extend the IPO by 30 days after the offer failed to raise the minimum requirement within the initial stipulated period.

A Financial analyst with NTHC Brokers, Pavis Jreh hinted that the offer might just be marginally oversubscribed as more institutional investors are now buying into the offer.

?Some of them have completed and have made some commitment. It?s just a few ones who are going through. Some of them have hitches here and there. Since the offer would end on Monday 8th August, we are hoping that they would resolve all the processes and then come on board,? he said.

Golden Web, a Kumasi-based vegetable oil processing company wants to expand its operations with the money it will raise from the offer.

The company is also accessing long term capital to substantially reduce its debt portfolio to lessen the impact of financial charges and thereby improve its earnings and cash flows.

It is offering a total of 17 million shares at 550 cedis.

Analysts had blamed the failure to raise its minimum requirement by the close of the initial deadline to investor nervousness triggered by what has become known as the ghost of Blue Mont's botched IPO.

Some suggest that the lead managers of the offer should have delayed the IPO or alternatively embarked on an aggressive marketing campaign to attract investors.

NTHC admits that it underrated the extend of investor apprehension as a result of a general slowdown of the GSE and the ghost of Blue Mont.

But Mr. Jreh insists that NTHC pursued a credible marketing strategy.

?It wasn?t like we were not really marketing. We did. Unfortunately things were much weaker than we thought. There was a marketing strategy. Unfortunately the decision had to be made by investing and they decided to respond in that way,? he said.

Golden Web's total production of palm kernel oil, soya bean oil and soya bean cake is sold to the local market.

However, 80% of the total production of palm kernel cake is exported whilst the remaining 20% is sold to the local poultry industry.