Russian property development company Sistema-Hals has set the offer price for its IPO valuing the company at around $2.1bn (£1.1bn).
The company, which specialises in development, project and construction management, and asset and facility management, set a price of $214 (£112) per ordinary share.
Global Depositary Receipts (GDR), valued at $10.70 (£5.60), have also been issued with 20 GDR’s representing one share.
The offering comprises a total of 1,738,650 newly issued shares in the form of GDRs and 112,171 existing ordinary shares.
The GDRs will be listed on the LSE, and the ordinary shares were listed on the Moscow Interbank Currency Exchange (MICEX) and Moscow Stock Exchange (MSE) in October.
Gross proceeds of $396m are expected with the company receiving 94% of the net proceeds.
The offering was more than five times oversubscribed with demand from institutions in the US, Europe and Asia.
Conditional dealings are expected to commence on the London Stock Exchange this morning with admission to the Official List expected on 8th November 2006.
References: EGi News 03/11/06
