Russia's top grain processor, Razgulay, raised $144 million in an initial public offering as it became the country's first large agro-industrial firm to list, the company said on Monday.
Razgulay, also Russia's top rice producer and third-largest sugar firm, said it had placed shares at $4.80 each in Moscow, at the upper end of its forecast range.
The shares opened at $5.20 on Russia's RTS exchange - 8 percent above their placement price - though the deal was struck over an hour after the market opened. They were untraded on the rouble-denominated MICEXexchange.
The 30 million shares listed in the IPO, including 6 million new shares, constitute 28 percent of Razgulay.
The company, which has acquired nearly 40 smaller firms in the last 10 years as Russia's farm system recovers from post-Soviet collapse, said its market capitalisation was expected to be about $509 million.
"We believe the level of interest and demand for shares we have received from investors in Russia and internationally are a strong vote of confidence in the future success of the company," Razgulay President Igor Potapenko said.
Russian companies are obliged by the market regulator to list their shares at home before listing abroad - a move designed to boost domestic market liquidity. Razgulay has not said it has any plans to list abroad.
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