MOSCOW, Nov 27 (PRIME) -- Russia’s Sovcombank plans to hold an initial public offering (IPO) in December to raise about 10 billion rubles, business daily Kommersant reported on Monday citing sources.
“According to several Kommersant’s sources on the financial market, Sovcombank expects to raise 10 billion rubles during the IPO. One of the sources of Kommersant specified that the road show will start in early December, another source noted that the placement will also take place in the first half of the month,” the daily reported.
According to the sources, the transaction will take place under the cash-in scheme and does not imply significant shares dilution. The funds raised will be used for the development of the bank's business.
(88.8133 – U.S. $1)
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