Source: PIK Group sets SPO price guidance at 1,250–1,275 rub/shr
MOSCOW, Sep 30 (PRIME) -- Russian real estate developer PIK Group has set the price guidance for a secondary public offering (SPO) at 1,250–1,275 rubles per share, a financial source told PRIME on Thursday.
PIK Group plans to float a 4.1% stake, or 27 million ordinary shares. Bids are accepted from Wednesday through Thursday.
The company plans to spend up to 11.6 billion rubles of the raised funds on a repurchase of global depositary receipts (GDRs) of PIK from Russia’s second largest bank VTB under a forward agreement. The remaining money will be allocated to general corporate purposes, including debt repayment and business expansion.
J.P.Morgan, Morgan Stanley, Sber CIB, VTB Capital, Alfa Bank, Aton, Credit Suisse, Gazprombank and Sova Capital are the organizers.
Businessman Sergei Gordeyev owns 60% in PIK Group, while VTB Bank has a 23% stake.
(72.7608 rubles – U.S. $1)
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