30 Nov 2023 09:48

Inarctica SPO raises 3 bln rubles at 900 rubles/share

MOSCOW. Nov 30 (Interfax) - A secondary public offering of shares in PJSC Inarctica , Russia's leading producer of farmed Atlantic salmon and trout, raised about 3 billion rubles at a price of 900 rubles per share, the company reported in a press release.

A total of 3.3 million shares equivalent to about 4% of Inarctica's equity were sold, with subsidiary Inarctica-SZ selling 1 million shares and IGS Invest, which is owned by Inarctica CEO Ilya Sosnov, selling 2.3 million.

The placement price was at the lower end of the tentative price range of 900-968.50 rubles announced when the SPO was launched on November 23. The SPO discount to the closing price on the day the offering was announced was about 7%.

The SPO increased Inarctica's free float to 17.8%.

The company said it has acquired more than 13,000 investors. Every participant in the SPO will have the option to buy one additional share for every five shares purchased in the SPO at the placement price six months after the offering.

"The company expects that the share offering will make it possible to strengthen its position on the public equity market by bringing new investors into its shareholder structure, and increasing its free float and the liquidity of its shares," the press release said.

"Furthermore, increasing the free float will be a step on the way to the inclusion of Inarctica shares in the base for calculating the Moscow Exchange's main index," the company said.

The offering was fully subscribed, and placing the shares at the low end of the price range made it possible for institutional investors to take part and "form a more balanced shareholder structure," Sosnov said in the press release.

"The company plans to use the funds raised from the sale of the treasury stock for general corporate purposes, including investment projects as part of the vertical integration strategy aimed at exponential growth of the business in the next few years," Sosnov said.

Investment bank Sinara served as the broker for the selling shareholders.

Inarctica's charter capital is split into about 87.876 million shares with par value of 100 rubles each. The company's principal shareholders are Sosnov and Svinyin & Partners Management Company LLC with 24.9% each; Maxim Vorobyov owns 22%.