Russian electronics developer and manufacturer Element Group has officially announced its plans for an initial public offering (IPO) on the St. Petersburg Stock Exchange. Earlier the media wrote about this intention of the company: Element will make its first initial public offering on the St. Petersburg Stock Exchange after its inclusion in the US SDN list.
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As evident from the group’s message, trading is expected to begin at the end of May or beginning of June 2024. The proportion of free float after the IPO will be at least 10%, the company explained.
Element will offer investors exclusive shares of an additional issue. At the beginning of the month, the Central Bank registered an additional issue of shares of the group in the amount of 100.7 billion ordinary shares with a par value of 0.05 rubles. Element’s authorized capital is divided into 402.6 billion shares.
As a source familiar with the placement preparations told Forbes, the group could raise 15 billion rubles as a result of the IPO. The interlocutor of the publication noted that the company is currently valued at 100 billion rubles, but if the market situation is favorable, the valuation could reach 150 billion rubles.
According to the company, the funds raised will be used to finance the development program. Thus, plans include expanding existing production, as well as creating new ones.
At the end of April it became known that the sanctioned St. Petersburg Stock Exchange was resuming work with all Russian brokers.
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.
