Source: Sovcomflot’s free-float to stand at 15.5–17% after IPO

MOSCOW, Sep 28 (PRIME) -- The free-float of Russian shipping company Sovcomflot is to amount to around 15.5–17% after an initial public offering (IPO), a financial source told PRIME on Monday.

“Sovcomflot’s free-float after the IPO is expected at around 15.5–17%,” the source said.

Earlier in the day, Sovcomflot set the IPO price range at 105–117 rubles. Trading in Sovcomflot’s shares on the Moscow Exchange is to start on October 7, the company said.

On September 15, Sovcomflot said that it planned to hold an initial public offering (IPO) on the Moscow Exchange to raise at least U.S. $500 million. The Finance Ministry said in a statement that the government may cut its stake in the company to 75% plus one share from 100%.

(76.8195 rubles – U.S. $1)

End %%md/jst%%