Nomos Bank, one of Russia’s top 30 banks, has placed 22% of its stock in an initial public offering (IPO) to raise $718 million and become the first Russian private bank listed in London, the bank said in a statement late on Monday.
The share price was set at $35 and $17.50 per Global Depository Receipt, in line with the price guidance of $32-37 per share and $16-18.50 per GDR.
“This was a very advantageous deal. The stock was sold among premium investors. The bid book was subscribed already on the second day of the roadshow. The stock was oversubscribed by several times,” an investment banker familiar with the IPO told RIA Novosti.
Another investment banker said the book was three times oversubscribed.
Deutsche Bank, Credit Suisse, VTB Capital and Citi were the lead managers.
The offering comprised the bank’s existing shares largely held by minority shareholder Roman Korbachka and a new share issue worth 5.5 billion rubles. Korbachka granted the lead managers an overallotment option of 15% of the base offering.
The bank’s stock will be included in the quotation list of the London Stock Exchange from April 27.
MOSCOW, April 19 (RIA Novosti)