PIK Group Completes $330 Mln Share Issue

MOSCOW, June 7 (RIA Novosti) – London and Moscow-listed PIK Group, Russia’s largest real estate developer, announced the completion of a secondary public offering on Friday that has increased the company’s capital by $330 million.

A total of 167.2 million new shares were issued at 62.5 rubles ($1.9) each, according to a statement on PIK Group’s website.

Billionaire Suleiman Kerimov, who controls 38.3 percent of PIK Group through his Nafta Moskva holding, took part in the offering, but it was not clear how many shares he had purchased.

Company president Pavel Poselyonov and other executives bought 445,000 of the new shares, according to the statement.

PIK Group originally said they were seeking to raise a minimum of $150 million during the placement in Moscow. The extra $180 million was generated by “strong investor demand,” the company said.

PIK Group mainly focuses on development of residential real estate, mortgage financing, construction and production of construction materials.


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