Placement will take place in late May – early June 2024. It is expected that at least 10% of the shares will be put on free float, which could attract up to 15 billion rubles.
Element will use the funds raised to expand production, launch new products and enter international markets. The shares will be offered to both qualified and unqualified investors.
Element Group was created in 2019 based on the assets of AFK Sistema and Rostec. It includes Mikron, Research Institute of Electronic Technology, Research Institute of Electronics and Microelectronic Equipment “Progress”, Semiconductor Devices Factory and others.
They are engaged in the production of integrated circuits, semiconductor devices and electronic equipment.
Element announced its financial statements in 2023: net profit increased by 93% to 5.3 billion rubles, revenue increased by 46% to 35.8 billion rubles. Both Element and St. Petersburg Stock Exchange is under US sanctions but continues its operations.
Source: Ferra
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