Russia’s Novorossiysk Grain Plant to accept IPO bids until Dec 7

MOSCOW, Dec 1 (PRIME) -- Russia’s Novorossiysk Grain Plant has prolonged the period of accepting bids for its initial public offering (IPO) until 6:00 p.m. December 7, the company said in a statement late Monday.

The announcement of the IPO price and the start of trading on the Moscow Exchange are scheduled for December 8.

Initially, the company planned to gather bids by November 24 and start trading on the Moscow Exchange on November 25, but later delayed bid collection to until 6:00 p.m. Moscow time on Monday. A market source said then 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.

(66.7370 rubles – U.S. $1)

End