The Element group of companies, which emerged as a result of the merger of the assets of Rostec and AFK Sistema in the field of microelectronics, will hold an initial public offering on the St. Petersburg Stock Exchange. This will be the site’s first IPO after being subject to sanctions.
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At the end of March, the general director of the trading platform, Evgeny Serdyukov, said that in the new realities, the St. Petersburg Stock Exchange will focus on IPOs of Russian companies, which are also subject to Western restrictions.
As stock market sources told RBC Investments, the Element company studied all options for placement sites and reached an agreement on the St. Petersburg Stock Exchange. One of the publication’s interlocutors points out that the site offered the most optimal conditions.
“However, the main thing when carrying out an initial public offering is the interest of investors in the company itself and in the sector as a whole, and now it is visible,” says one of the sources.
Against the background of RBC news, shares on the St. Petersburg Stock Exchange rose by 9% on Monday. The maximum quotes increased to 109 rubles.
SPB Exchange was among the organizations added to the US SDN list in November 2023. Trading of foreign instruments on the site has since stopped.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
