Russian timber products manufacturer Segezha, a subsidiary of Russian conglomerate Sistema, has announced a plan to hold an initial public offering (IPO) of ordinary shares.
The IPO would be held on the Moscow Exchange. Segezha expects to raise at least 30bn roubles ($396m at the April 14 exchange rate) via a primary offering of newly issued shares. The IPO would also include an option for the over-allotment of secondary shares, the company said in a statement.
Sistema will remain Segezha’s majority stakeholder after the IPO, the statement said.
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