MOSCOW, Feb 1 (PRIME) -- Russian oil and gas pipe producer TMK will hold a roadshow for its secondary public offering (SPO) in England and the U.S on Wednesday and Thursday and will guide investors for a pre-market placement price of 74.5 rubles per paper, a banking source told PRIME.
The bookbildung will be finished on Thursday, the source said.
On Tuesday, TMK said it launched the SPO and will offer more than 138.888 million common shares to boost its free float. The company’s subsidiary Rockarrow Investments Limited will sell the shares, and TMK will spend the raised money to buy back its shares from VTB Bank under an option specified in an agreement with the bank, the company said adding that it will not spend more money on the buyback than it will raise during the SPO.
Credit Suisse Securities (Europe) Limited, Morgan Stanley & Co. International, and VTB Capital act as global coordinators of the offering.
Early on Wednesday, the price of shares of TMK on the Moscow Exchange were falling 6% to 77.95 rubles.
(60.0851 rubles – U.S. $1)
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