Russian Aquaculture sets SPO for Dec 11, aims to raise $34m

By Andrei Skvarsky.

Fish-farming company Russian Aquaculture, one of Russia’s main producers of salmon and trout, has scheduled a secondary public offering (SPO) of shares for December 11.

The Moscow-based company said in a statement that it would have 16.7m shares, all of them ordinary, on sale during the SPO, with the per-share price set at 120 roubles ($2), and that it would accept open-subscription orders for shares from December 4 to December 8.

Russian lenders Otkritie Bank and Gazprombank are the global coordinators for the SPO, to be held on Moscow Exchange, and Otkritie has also been appointed as the broker for the offering.

Otkritie, Russia’s largest private lender, ran into major problems earlier this year but was bailed out by the central bank in the late summer.

Gazprombank, the country’s third-biggest lender by assets, is one of the state-controlled banks that are under Ukraine-related sanctions imposed by the European Union and the United States.

The SPO, if successful, will raise around two billion roubles ($34m) for Russian Aquaculture. About 22 per cent of the company’s post-SPO capital will be free float.

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