Element sets price range for IPO at 223.60-248.40 rubles/1,000 shares, valuing co at 90 bln-100 bln rubles

MOSCOW. May 23 (Interfax) - PJSC Element, one of Russia's leading microelectronics manufacturers, has set the price range for its initial public offering at 223.60-248.40 rubles per 1,000 shares, which is equivalent to one lot, the company said in a press release.

This would value the company at 90 billion-100 billion rubles, not including funds raised in the IPO.

Element plans to offer newly issued shares totaling 15 billion rubles. The company's principal shareholders do not plan to sell their shares. Element's free float is expected to be over 13% after the IPO.

The company and its principal shareholders will commit to a 180-day lock-up period from the date trading begins. In addition, there will be a stabilization mechanism of up to 15% of the offering amount for 30 days after the start of trading.

Bookbuilding will take place from May 23 to 29 among qualified and unqualified investors. Element's shares are expected to start trading on May 30 under the ticker ELMT.