Norwegian fund Storm Real Estate, which invests in Russian real estate, listed 23.5 million shares on the Oslo Stock Exchange in an initial public offering Tuesday.
The listing price is 14 Norwegian krones ($2.20) per share, said Morten Astrup, chief executive of managing company Storm Capital Management.
"We believe the listing will positively affect the stock and represents an opportunity for a wider audience to invest in the company, thus giving better access to equity and debt financing going forward," he said in a statement.
Astrup said the company, whose current capitalization accounts for about $50 million, is also hoping to attract Russian investors.
Storm Real Estate owns the business centers Gas Field in Moscow and Grifon in St. Petersburg.
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.