Nomos Bank, controlled by billionaire Alexander Nesis, and its shareholders are seeking to raise as much as $640 million in an initial public offering in London.
Nomos and owners led by Roman Korbacka are offering at least 20 percent of the bank in new and existing shares for $32 to $37 apiece, the company said in a statement Tuesday. The offer is equal to $16 to $18.50 per Global Depositary Receipt, valuing Nomos at $2.8 billion to $3.2 billion.
Russian companies are resuming share sales two months after Nord Gold, Koks and Chelpipe pulled $2.5 billion of planned IPOs, citing unfavorable "market conditions." The country's dollar-measured RTS Index has gained 18 percent this year. Nomos, mobile-phone retailer Yevroset Holding, property developer Etalon Group and food producers Ros Agro and Yug Rusi may raise a combined $2.7 billion selling stock this month, according to UralSib Financial.
Nomos' offer "presents an attractive opportunity to invest in one of the fastest-growing universal banking groups in Russia," chief executive Dmitry Sokolov said in the statement. It's underpinned by a "management team that has been able to deliver above-market growth and solid profitability."
Nesis said in an interview in December that Nomos would use its share of the IPO proceeds to help meet domestic demand for financing.
Credit Suisse Group, Deutsche Bank and VTB Capital are managing the IPO along with Citigroup and Erste Group Bank.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
