Russia’s Novorossiysk Grain Plant to announce IPO price Dec 15

MOSCOW, Dec 8 (PRIME) -- Russia’s Novorossiysk Grain Plant has extended the collection of bids for its initial public offering (IPO) until late December 14 and plans to announce the placement price and the start of trades on December 15, the company said in a statement Tuesday.

“The period to submit orders for the offering has been extended: orders can be submitted since December 9 until 6.00 p.m. Moscow time, December 14, 2015. IPO price announcement and start of trading on the Moscow Exchange are expected on December 15, 2015,” the company said.

Initially, the company planned to gather bids by November 24 and start trading on the Moscow Exchange on November 25, but delayed bid collection until November 30, and later 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.

Other major shareholders of the plant include United Grain Company with 51% and businessman Ziyavudin Magomedov’s Ivianto Services with 18.49%.

(68.5156 rubles – U.S. $1)

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