|
|
ALROSA's Share Offering Raises $1B
Oct 28, 2013 3:59 AM
By Avi Krawitz
|
|
|
RAPAPORT... ALROSA raised about $1.3 billion (RUB 41.3 billion) during its public offering on Monday as shares started trading at RUB 35, or $1.10 per share, on Moscow’s MICEX Stock Exchange. The pricing, which was at the lower end of previous estimates, implied a market capitalization of $8.12 billion (RUB 257.7 billion), the company stated.
The offering saw the Russian government and the Yakutia Republic each sell 7 percent of their respective stakes, while Wargan Holdings, a subsidiary of ALROSA, sold 2 percent. ALROSA said it will use the proceeds from the Wargan shares for general corporate expenses, including to repay existing debt.
Following the offering, the government now owns 43.9 percent, the Yakutia Republic owns 25 percent and the Yakutia municipalities hold 8 percent of the mining giant.
Earlier in October, ALROSA said it expected the shares to be priced at a range of RUB 35 to RUB 38. The share was largely unchanged in early morning trade.
ALROSA is the largest diamond mining company by volume of production. The company reported that revenue rose 7 percent year on year to $2.55 billion (RUB 82.23 billion) in the first half of 2013, but profit fell 10 percent to $453 million (RUB 14.62 billion).
|
|
|
|
|
|
|
|
|
|
Tags:
Alrosa, Avi Krawitz, diamonds, Moscow Stockl Exchange, Rapaport
|
|
|
|
|
|
|
|
|
|
|
|
|