Russia's UGC sets IPO price at 55 kopecks per share

MOSCOW, Nov 22 (PRIME) -- Russian gold producer Uzhuralzoloto Group of Companies (UGC) has set the price for an initial public offering (IPO) on the Moscow Exchange at 55 kopecks per share, the lower bracket of the initial price guidance of 55–60 kopecks, the company said in a statement on Wednesday.

This values the company at 110 billion rubles without an expected IPO revenue.

The expected IPO volume stands at about 5% of the shareholder equity.

The bids were collected until Monday. Trading in the shares under the second-tier quotation list of the Moscow Exchange is to begin on Wednesday.

(87.8701 rubles – U.S. $1)

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