Sovcombank sets IPO placement price at 11.5 rubles/share

MOSCOW, Dec 14 (PRIME) -- Russia’s Sovcombank has set the placement price of its shares at 11.5 rubles during an initial public offering (IPO) on the Moscow Exchange, the bank said in a statement on Thursday.

On December 1, the bank announced its plans to float its shares on the Moscow Exchange. Sovcombank wanted to offer additional shares in order to raise 10 billion rubles and spend the money on development of its business. No existing shareholders of the bank will sell their shares during the IPO, but many shareholders expressed intent to buy some new shares, Sovcombank said then.

(89.8926 rubles – U.S. $1)

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