Support The Moscow Times!

PIK to Raise $150M

PIK Group, one of Russia's largest homebuilders, said on Wednesday that it is to raise at least $150 million in a share offering priced at 62.50 rubles ($1.99) per share.

The company, in which Suleiman Kerimov's investment vehicle Nafta Moskva owns a 38.3 percent stake, is raising the funds to reduce its debt, which stood at 37.1 billion rubles ($1.2 billion) at the end of last year.

Sources previously said that PIK might raise about $300 million to $350 million via the offering.

Sberbank CIB and VTB Capital are acting as joint global coordinators and joint bookrunners for the offering.


Read more

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

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.