UWC raises 9.03 bln rubles with IPO, free float at 12.2%
MOSCOW. April 30 (Interfax) - United Wagon Company (UWC) has sold shares for a total of 9.028 billion rubles in the course of its IPO, financial market sources told Interfax.
The price of the offering was previously set at 700 rubles per share. Based on this, the company placed almost 12.9 million shares in the IPO.
UWC's charter capital consists of 105.556 million shares after the IPO, having increased by 5.556% with the issue of 5.556 million new shares. The company therefore placed about 12.22% of its increased charter capital. The free float was previously expected to rise to 14% after the flotation.
UWC later said in a statement that 12.22% of its shares were sold as part of the offering for a total of 9.028 billion rubles.
Based on the offer price of 700 rubles per share, UWC's market capitalization is 73.9 billion rubles, it said.
Over 50 investors participated in UWC's IPO, and 38.3% of demand came from foreign investors. Demand from institutional investors covered 81.6% of the Offering, including pension funds (11.1%), while retail and high net worth investors acquired 18.4% of placed Shares. The top managers of the company participated in the Offering, as previously announced.
Public trading of Shares on the Moscow Exchange began at 10:00 Moscow time.
VTB Capital is the global coordinator of the Offering. Otkritie Financial Group and VTB Capital are joint lead managers and joint bookrunners of the Offering.
"Many investors have shown interest in the investment case of both RPC UWC and the wider rail market, and we are delighted with the results of the IPO. We were able to build a quality and diversified order book, consisting of both institutional and retail investors. Even though the Offering was focused on the domestic market, foreign investors made up over a third of demand. We welcome our new shareholders and we remain focused on developing the Company to enhance the value of our business," said Roman Savushkin, CEO.
