One of Russia’s largest heavy engineering companies, OMZ Group, saw its stock jump 40 percent in the MICEX-RTS trading session on mid-Wednesday on news the company plans to hold a private share float.
As of 16:05 Moscow time [12:05 GMT], OMZ’s stock was up 1.25 percent to 30.01 rubles, amidst a 1.38 percent fall in the ruble-denominated MICEX stock index and a 2.30 percent fall in the dollar-denominated RTS index.
OMZ’s share price reached a peak of 32.95 rubles at 10:00 Moscow time on Wednesday from 22.82 rubles at the close of the Monday’s trading session.
The company announced on Tuesday it wanted to widen its equity capital by a private subscription shares flotation with an offering price at 44.78 rubles per share.
OMZ’s activities include special steels production, mining equipment, equipment for the nuclear power industry and engineering and equipment for the oil and gas industry.