Firms listed on the Athens Stock Exchange (ASE) invested 89 percent of the 6.233 trillion drachmas they raised in two-and-a-half years, from January 1, 1999 to June 30, 2001, the according to a study prepared by the Capital Market Commission (CMC). The total sum was raised through 101 initial public subscriptions and 216 share capital increases. Total capital invested at the end of the above period amounted to 5.526 trillion drachmas. Companies in the financial services sector raised the lion’s share of the total, 42.02 percent, and were followed by manufacturers with 15.69 percent, firms in leasing, information technology, real estate and commerce with 13.07 percent and construction companies with 11 percent. Firms in the financial sector also invested the largest part of funds raised, or 95.11 percent, while commercial operators, primary producers and firms in the transport and communication sectors were all above average. Almost half of capital invested (49.44 percent) went to acquisitions and the setting up of new subsidiaries, while 25 percent was invested in fixed capital, 14 percent was used as working capital and 11 percent to repay loans. CMC considers that the rate of invested funds is satisfactory, considering that the implementation of programs requires considerable time.