Developer Glorax sets IPO price at 64 rubles/share, bookbuilding starts Thurs

ST. PETERSBURG. Oct 23 (Interfax) - The placement price for the initial public offering of PJSC Glorax has been set at 64 rubles per share, which values the company at 16 billion rubles not including proceeds from the new share issue, the Russian real estate developer reported.

Bookbuilding for the IPO will begin on Thursday and conclude on October 30.

Investors will be offered only newly issued shares. The company plans to use the proceeds from the IPO to implement its long-term strategy for growth and further development, reduce its debt burden and for other general corporate purposes.