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MOSCOW, Feb 2 (PRIME) -- Russia’s oil and gas pipe producer TMK has raised the price guidance for a secondary public offering (SPO) to 75 rubles per share from 74.5–75.0 rubles, a banking source told PRIME on Thursday.
“Bids below 75 rubles per share can be left unsatisfied. The bid book has been oversubscribed at this level,” the source said.
The company guided investors for a pre-market placement price of 74.5 rubles per security. The bid book will close at 7.00 p.m. Moscow time on Thursday.
On Tuesday, TMK said it launched an SPO to offer up to 139,000 million common shares corresponding to 13.44% of the company’s capital.
The company’s subsidiary Rockarrow Investments Limited will sell the shares, and TMK will spend the collected money to buy back its shares from VTB Bank under an option according to an agreement with the bank. The buyback volume will not exceed funds raised in the SPO.
Credit Suisse, Morgan Stanley, VTB Capital and Aton act as organizers of the placement.
(60.3099 rubles – U.S. $1)
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