Investing.com – In the first hour and a half of trading on Wednesday, October 7, Sovcomflot, which went public today at the Moscow Exchange, fell 12.8% from its RUB 105 offering price. up to 91.56 rubles. As of 11:30 Moscow time, the decline has slowed to 93.24 rubles, but it is still above 10%.
On October 7, trading in Sovcomflot shares began. The company placed 17.2% of its securities and raised about RUB 42.9 billion, or $ 550 million, as a result of its listing on the stock exchange. The placement price was RUB 105. apiece, but investors almost immediately staged a sell-off.
Commenting on this development of events in his Telegram channel, HSE professor Yevgeny Kogan said that he was “sad to see what is happening.” “Do you think that after such an offering people will go to IPO again? Do you think you will now be able to sell new Russian stories well and with high quality? Yes, now the sold state property will require even greater discounts, ”he wrote in his microblog.
“Conclusion: today, simply and elegantly, the desire to participate in Russian IPOs has been discouraged from everyone who waited for them, hoped and believed in domestic companies,” concluded Kogan.
Sovcomflot specializes in the transportation of oil, oil products and liquefied natural gas; it is one of the world's largest tanker fleet operators. Now the company is 100% owned by the state through the Federal Property Management Agency. Russia is not going to sell its stake and, following the results of the placement, will retain the status of the organization's majority shareholder.
The text was prepared by Yana Shebalina