UPDATE: Russia’s Novorossiysk Grain Plant sets IPO price at 512 rbl/share

(Adds details in paragraphs 3–4)

MOSCOW, Dec 15 (PRIME) -- Russia’s Novorossiysk Grain Plant has set the price of its initial public offering (IPO) at 512 rubles per share, the company said in a press release Tuesday.

The price range was earlier indicated at 444–518 rubles per share.

Belcarra Services sold its 10.8% stake in the company, or 7.291 million shares, for 3.7 billion rubles during the IPO.

As a result of the IPO, the company’s free float will amount to over 30%. Shares will start trading on the Moscow Exchange after 1:00 p.m. Moscow time.

Other major shareholders of the plant include United Grain Company with 51% and businessman Ziyavudin Magomedov’s Ivianto Services with 18.49%.

(70.2244 rubles – U.S. $1)

End