Russia’s Novorossiysk Grain Plant delays IPO to December 1
MOSCOW, Nov 25 (PRIME) -- Russia’s Novorossiysk Grain Plant has delayed its initial public offering (IPO), the announcement of the price and the beginning of trading at the Moscow Exchange to December 1, the company said in a statement late on Tuesday.
“The period to submit orders for the offering has been extended until 6.00 p.m. Moscow time, November 30, 2015. IPO price announcement and start of trading on the Moscow Exchange are expected on December 1, 2015,” the company said.
On November 17, one of the company’s shareholders, Belcarra Services, said it will offer its 10.79% stake at 444–518 rubles per share during the IPO. The bid book should have been open from November 17 through Monday with the share price announced on Tuesday. But on Monday the company delayed book building until late Tuesday.
Taking into account the offering price, the price of 10.79% in the company may be estimated at 3.24–3.78 billion rubles, and the Novorossiysk Grain Plant’s capitalization may amount to 30.01–35.02 billion rubles.
United Grain Company owns 51% in Novorossiysk Grain Plant. The company operates one of the largest grain terminals in Russia with a capacity of up to 3.5 million tonnes per year.
(65.6210 rubles – U.S. $1)
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