Rusagro prices IPO at $15, book three times oversubscribed - Vedomosti
2011-04-08 17:37:37
One of Russia's largest agro-industrial holdings, Rusagro Group, is set to raise $330 million from its Initial Public Offering on the London Stock Exchange which opens on Friday and was three times oversubscribed, Vedomosti business daily quoted a source close to the deal as saying on Friday.
The firm's stock price has been set at $15, at the lower end of the $14.50-18.25 price range, the paper says.
The $15 price would value the firm's capitalization at $1.81 billion, making RusAgro Russia's most valuable agribusiness.
Rusagro issued 17.15% new shares for the IPO.
RusAgro, whose core shareholder is senator Vadim Moshkovich, plans to use the funds raised in the IPO to increase capacity for M&A deals and the purchase of land.
Rusagro had initially planned to raise $245.5-309.2 million in a local IPO last May, but failed as investors asked for a discount.