Privately-owned Promsvyazbank, one of Russia’s top thirty lenders, will hold an initial public offering (IPO) of its shares and Global Depository Receipts (GDRs) in Moscow and London, the bank said on Monday.
“Ordinary shares will be offered to investors in and outside Russia while GDRs will be sold outside Russia. The offer will include the sale of existing ordinary shares owned by Promsvyaz Capital B.V. in the form of ordinary stock and GDRs,” the bank said in a statement.
Prime news agency earlier reported, citing its sources, Promsvyazbank planned to raise at least $500 million from the IPO.
Promsvyazbank intends to use IPO proceeds to improve its capital adequacy ratio, contribute to the bank’s development and help implement its strategy aimed at expanding its retail, small and medium business segments.