Promsvyazbank IPO: half of offering will be supplementary shares
ASTANA. May 20 (Interfax) - At least half of the shares that Promsvyazbank offers in an upcoming IPO will be supplementary shares and the rest will be supplied by existing shareholders, bank President Artyom Konstandyan told journalists on Friday.
"If we do an IPO, no less than 50% [of the offering] will be primary [supplementary] shares," he said.
If existing shareholders do sell shares in the IPO, then most likely all shareholders will supply shares in proportion to their holding. So far there has been no specific decision on an IPO.
"We still haven't decided whether to do it," he said.
Promsvyazbank might follow in the footsteps of Nomos Bank , which recently offered shares in Russia and global depositary receipts in London.
"We may do the same," he said.
An IPO will give the bank a market value and raise capital adequacy. The proceeds could be used for mergers and acquisitions, he said.
The IPO, which aims to raise 4 billion rubles, is scheduled for the second half of 2011. But the bank is not planning to acquire new shareholders in the IPO. "We are comfortable with the current shareholder structure," he said.
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