Developer Etalon raises 18.4 bln rubles in SPO
ST. PETERSBURG. Feb 20 (Interfax) - Russian real estate developer IPJSC Etalon Group has raised 18.4 billion rubles in an SPO on the Moscow Exchange, the company reported.
The company placed about 400 million shares, including about 389 million following the main bookbuilding period on the Moscow Exchange, over-the-counter placements and through current shareholders exercising their pre-emptive rights. About another 11 million shares were placed following the final stage of bookbuilding on the Moscow Exchange and through over-the-counter placements, Etalon said.
As reported, Etalon received an application from the company's key shareholder, AFK Sistema , for 377 million shares, an application from a subsidiary for 22 million shares to form a long-term management motivation program, as well as applications for more than 12 million shares for the remaining components of the offering, including 11 million shares as part of exercising pre-emptive rights. The offering price in the SPO was set at 46 rubles per share.
The collection of applications for participation in the SPO took place from January 26 to February 9. The payment deadline for shares acquired under pre-emptive rights ended on February 17. The final stage of the SPO took place on February 19.
It is planned that the funds raised during the SPO will be directed towards implementing the group's development strategy, which involves financing the acquisition of JSC Business Nedvizhimost from AFK Sistema, as well as strengthening the group's position in the premium real estate segment, improving operational efficiency, reducing the debt burden and financing the group's general corporate needs.
Etalon plans to allocate 14.1 billion rubles to finance the acquisition of Business Nedvizhimost. The transaction included 42 land plots in Moscow and St. Petersburg.
Etalon Group focuses on middle-class residential real estate. According to the group's consolidated financial statements for 2024, the largest shareholder of the group at the end of last year was AFK Sistema with 48.8%. Mubadala Investment Company owned 6.3%, Kopernik Global Investors owned 5%, and Prosperity Capital owned 4.1%. Etalon's management owned a further 0.6%, and free float was 35.2%.
The developer's parent company, Etalon Group PLC, which was based in Cyprus, became a resident of the Kaliningrad Special Administrative Region in July 2025, registering as ICPJSC Etalon Group.
