The Moscow Stock Exchange admitted the shares of biotechnology company Promomed to trading on July 12 under the ticker symbol PRMD. The securities will be included in the second trading level, according to the platform’s website.
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At the end of June, Promomed officially announced its plans to hold an initial public offering of shares. The company intends to raise up to 10 billion rubles based on the results of the initial placement on the stock exchange.
Investors will be offered securities issued during the additional shares. Following the IPO, the company’s main shareholder, Peter Bely, will retain a majority stake in the authorized capital.
The company intends to use the funding received as part of the IPO to develop a pipeline of innovative medicines.
In 2023, the group made a net profit of 2.97 billion rubles (-25%). Revenue increased to 15.84, which is 17% more than in 2022. At the end of the first quarter of this year, Promomed recorded a loss of 442 million rubles, which is 53% more than the previous year.
Author:
Karina Pardaeva
Source: RB
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