GV Gold may sell shares at 1,650–2,050 rbl/apiece in IPO

MOSCOW, Mar 23 (PRIME) -- Russian gold producer GV Gold may sell shares at a price of 1,650–2,050 rubles apiece during an initial public offering (IPO), the company said in a statement on Tuesday.

“The estimated price range of the offer is set between 1,650 rubles and 2,050 rubles per share, which corresponds to a market capitalization of the company in the range of 90.7 billion rubles to 112.7 billion rubles. The offer is expected to consist of approximately 37% of the total number of shares in circulation, while the volume may be reduced in connection with the buyback of shares in the course of stabilization ...,” the statement said.

Bids will be collected from Tuesday till March 29, and the final price will be announced approximately on March 30.

The offer will include shares of the core shareholders – Sergei Dokuchayev, Natalya Opaleva, Valerian Tikhonov, Sergei Vasilyev, BlackRock Global Funds, and BlackRock Gold and General Fund. A source familiar with the matter told PRIME earlier that the company planned to raise up to U.S. $500 million from the IPO.

(74.6085 rubles – U.S. $1)

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