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Russia’s Samolet Group Plans IPO On The Moscow Exchange 

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Samolet, whose land bank stands at over 15 million square metres worth 176.9 billion roubles ($2.28 billion), said it plans to use the proceeds from the IPO to buy land and to finance the construction of current projects.

Russia’s Samolet Group plans an initial public offering (IPO) on the Moscow Exchange in the fourth quarter, the real estate developer said on Thursday.

The company’s shareholders will sell about 5.1% of its shares, Samolet said.

Its free float is expected to reach about 5%, though it plans to increase it to 30-40% over the medium term, it said.

Samolet, whose land bank stands at over 15 million square metres worth 176.9 billion roubles ($2.28 billion), said it plans to use the proceeds from the IPO to buy land and to finance the construction of current projects.

Samolet’s share sale would mark a second IPO in Moscow this year, after shipping giant Sovcomflot raised about $550 million this month, in a sign that deals in Russia are returning following a three-year drought.

The company’s real estate sales rose 21% to 41 billion roubles in the first nine months of the year.

(This story has been published from a wire feed without modifications to the text. Only the heading has been changed) 

Source: Reuters 

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