Support The Moscow Times!

Rusagro GDRs Priced Low

Sugar and pork producer Rusagro priced its London initial public offering at $15 per Global Depositary Receipt, toward the low end of an indicative range, it said Friday.

The price implies gross proceeds of $330 million, including $30 million worth of shares to be sold by majority shareholder Shiny Property. The company had set the price range for the London placement at $14.50 to $18.25 per GDR.

Rusagro, which is issuing new shares to fund expanding production and potential acquisitions, said the share offer would value the firm at $1.8 billion and give a market free float of 18.3 percent of its shares. The offering also includes a so-called greenshoe over-allotment option of a further 3 million GDRs. If the option is exercised, the free float will reach 20.8 percent.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.