(Rewrites throughout)
MOSCOW, Mar 29 (PRIME) -- Russian gold producer GV Gold has decided to postpone its proposed initial public offering (IPO) on the Moscow Exchange due to high market volatility, the company said in a statement on Monday.
A source said earlier that the company delayed the IPO until a better market situation.
GV Gold’s CEO Vladislav Barshinov said, as quoted by the company: "We have taken the decision to put the IPO on hold in light of elevated levels of market volatility in both the global and Russian capital markets.”
Barshinov added that the company retains plans to become a public company in the future when market conditions are more favorable.
Earlier in March, GV Gold announced its plans to hold an IPO with a price guidance of 1,650–2,050 rubles per share to offer around 37% of the shares.
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