Novorossiysk Grain Co puts IPO pricing back until Dec 8 due to market uncertainty
MOSCOW. Dec 1 (Interfax) - PJSC Novorossiysk Grain Company is delaying the pricing of its share placement on the Moscow Exchange , due November 30, yet again, a source with knowledge of the situation told Interfax.
The reason is the uncertainty on the market caused by the deterioration in Russian-Turkish relations, the source said.
Novorossiysk Grain Company itself said the order book would remain open until 6:00 p.m. Moscow time on December 7, and that pricing and the share placement would take place on the Moscow Exchange on December 8.
"Although Novorossiysk Grain Company's share of grain shipment to Turkey is minimal, the overall uncertainty is affecting investor sentiment," the source said. "They needed more time to make a further assessment of thee situation, the possible risks," the source said.
The issuer planned to price the IPO on November 24, then put this back first until November 25 and then until December 1. The price range was 444-518 rubles per share.
