Source: Russia’s Novorossiysk Grain Plant delays IPO
MOSCOW, Dec 8 (PRIME) -- Russia’s Novorossiysk Grain Plant has delayed its initial public offering (IPO) anew and extended bid book building by several days, a source familiar with the placement procedure told PRIME late on Monday.
“The IPO has been delayed for several days, the exact date will be announced later,” the source said, adding that the price range is still discussed with several potential investors. “The company has not decided to change the price range.”
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.
(68.5156 rubles – U.S. $1)
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