MOSCOW (Reuters) – The Russian state shipping company Sovcomflot, which is preparing an IPO on the Moscow Exchange, plans to place 15.5-17% of shares and is estimated at $ 2.7-3.0 billion, or $ 3.2-3.5 billion, taking into account new money, follows from the messages http://sovcomflot.ru/investors/initial_public_offering_of_shares of the company, calculations by Reuters and analysts.
Sovcomflot, which is now 100% state-owned, plans to place new shares worth 42.25 billion rubles at prices ranging from 105 to 117 rubles, the company said.
This volume of placement assumes an estimate of about 206-230 billion rubles ($ 2.7- $ 3.0 billion) before the additional issue and 250-270 billion rubles ($ 3.2-3.5 billion) after the placement, said Promsvyazbank analyst Vladimir Solovyov.
In this case, the share of placed shares may amount to 15.5-17.0% of the increased authorized capital.
According to the analyst, with such a valuation after the IPO, the stock will have a 25% upside potential.
The estimate, although quite modest, is correct in this situation: the company gives investors more money from the first placements, taking into account the fact that the state plans to place additional shares, reducing its share to 75%, says Elena Sakhnova, an analyst at VTB Capital.
Earlier, arranger banks VTB Capital and BofA Securities valued the company (EV) in the $ 2.7-5.0 billion range before raising new money, two financial market sources told Reuters.
(Gleb Stolyarov. Edited by Anastasia Teterevleva)