Support The Moscow Times!

Bank Sets IPO Range

Promsvyazbank set an indicative price range Wednesday for its initial public offering at $10 to $12 per global depository receipt.

The long-awaited IPO could raise between $345 million and $414 million based on that range, Promsvyazbank said in a statement.

In a two-step process, the bank will sell up to 30 million GDRs, including existing shares owned by main owner Promsvyaz Capital, followed by the issuance of new ordinary shares through a closed subscription.

Promsvyaz Capital will take part in the closed subscription, allowing it to retain its interest in the bank.

(Reuters)

Related articles:

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.