One of Russia’s largest developers and manufacturers of electronics and microelectronics, Element, raised 15 billion rubles during an initial public offering (IPO). This is what he said in a statement.
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Trading in the company’s shares will begin on May 30, 2024 on the St. Petersburg Stock Exchange under the symbol ELMT.
The price of the initial public offering was 223.6 rubles per lot, which includes one thousand ordinary shares. This corresponds to the company’s market capitalization of 105 billion rubles, taking into account the funds received during the IPO.
The investments will allow the company to implement a development program, ensure production growth, develop and market new products and technologies, as well as special technological equipment.
It is reported that as a result of the placement, “tens of thousands” of investors became shareholders in the company. They bought additional shares.
The proportion of floating securities amounted to 14.3% of the company’s share capital after its growth as a result of the IPO.
As part of the IPO, the company provided a stabilization mechanism of 15% of the offering size. It will be valid for 30 days after the start of trading. The company and its main shareholders are subject to obligations that restrict the placement of new shares and the disposal of existing shares within 180 days from the date of commencement of operations.
Element’s IPO became the first among Russian high-tech companies in the field of microelectronics development and production.
Author:
Anastasia Marina
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.
