Payday lender Zaymer announces IPO on MOEX, owner aims to raise 3 bln rubles

MOSCOW. April 2 (Interfax) - Russian payday lender PJSC Zaymer has officially announced plans for an initial public offering on the Moscow Exchange in April.

The company's founder and sole owner, Sergei Sedov is expected to offer investors shares totalling 3 billion rubles in the IPO.

Following pre-marketing, the company said tentative demand from institutional investors amounted to about 70% of the expected offering. The IPO will also be open to Russian qualified and unqualified retail investors.

The company and Sedov will be subject to the standard lock-up period of six months. The IPO will have a stabilization mechanism for 30 days after the start of trading.

Zaymer approved a regulation on dividends at the end of February under which it will pay shareholders at least 50% of net profit. The company plans to pay dividends quarterly based on financial results for the first quarter, first half, nine months and the year, but will pay at least once per year regardless.

Zaymer, which specializes in issuing loans online, said it has a customer base of more than 17 million people. The company closed 2023 with net profit to IFRS up 5.8% to 6.1 billion rubles from 5.8 billion rubles in 2022.