Sovcombank intends to raise 10 billion rubles during the initial public offering of shares. This is the first bank IPO in the country since 2015. It will be carried out under the cash-in scheme and does not involve significant dilution of shares.
The tour will begin in early December, another source noted that the placement itself will also take place in the first half of the month, sources told Kommersant.
According to them, the conditions include a six-month moratorium on the sale of securities to the group’s shareholders. At the same time, it is planned to transfer the placed securities from the second listing list to the first.
10 billion rubles is only 4% of the capital, but it seems a realistic approach given current market conditions, experts suggested.
- Sovcombank is under sanctions from the United States, Britain and the European Union. The bank is disconnected from the US financial system and the international SWIFT system. In July, its shareholders approved the bank’s reorganization. A separate legal entity will be created to which assets frozen due to sanctions will be transferred, as well as obligations to persons associated with “hostile” countries.
Author:
Karina Pardaeva
Source: RB
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