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Protek Gets More Than $1Bln in Investor Orders

Protek, raising $400 million in Russia’s biggest initial public offering since 2007, received more than $1 billion in investor orders after pricing the shares near the bottom of its target range, three people familiar with the deal said.

The company set the price at $3.50 per share after initial guidance of $3.10 to $4.50, Protek said in an e-mailed statement. The shares began trading Tuesday on the MICEX Index and RTS Index. Protek, a pharmaceuticals distributor, is the largest IPO in Russia since property developer LSR Group raised $772 million in 2007.

“The current Russian IPOs show investors are demanding a discount,” said Chris Weafer, chief strategist at UralSib. “There is interest in Russia, but only if the price is right. Investors will no longer pay a premium for Russia exposure.”

Companies are returning to Russia’s main stock exchange after a rally in commodity prices helped lift the benchmark MICEX Index as much as 9.4 percent this year, beating other so-called BRIC markets in Brazil, India and China.

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