Russia’s Novorossiysk Grain Plant may not fill IPO bid boon by Tue
MOSCOW, Nov 30 (PRIME) -- Russia’s Novorossiysk Grain Plant may fail to fill its bid book under the initial public offering (IPO) until Tuesday, a banking source told PRIME Monday.
The company planned to gather bids by November 24 and start trading at the Moscow Exchange on November 25, but later delayed bid collection to until 6.00 p.m. Moscow Time on Monday.
“The bid book is not collected. Some news may emerge tomorrow,” the source said.
Previously, another market source said that investors annulled their bids on November 24 after Turkey had downed Russia’s Su-24 bomber above Syria.
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. 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.
(66.2393 rubles – U.S. $1)
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