The first pension IPO has attracted private investors


FG “Future”, combining pension assets owned by Boris mints, has completed the acceptance of applications of investors for the shares, said a market source familiar with the IPO. The volume of demand for the company’s shares amounted to RUB 15 billion, and among the buyers were private investors, he added. Information confirmed by another market participant who knows about the deal from one of the organizers of the placement.

The exact price of the placing the company plans to open Friday in the afternoon. According to a source on the market, all investors have filed more than a thousand applications, the price ranged from 1060-1260 RUB per one share. Reception of applications was conducted from 20 to 27 October.

The company plans to raise about 11 to 22 billion rubles. based on the maximum prices of the company’s capitalization, said a market participant close to one of the organizers. Previously, “VTB Capital” (investment Bank is the sole global coordinator and bookrunner of the transaction) evaluated the capitalization of FG “Future” in the range of 35.2–61.3 per billion.

Shares FG “Future” on the Moscow stock exchange will begin on October 28. The securities were listed on the Moscow exchange and included in the quotation list of the second level.

In FG, “the Future” consists of five NPF: “Future”, “URALSIB”, “Russian standard”, “Education” and “Telecom-Soyuz” with total assets of more than 290 billion rubles (data of 30 June 2016 are given in the review “VTB the Capital”). Clients the pension funds within the group are 4.6 million people. The ultimate beneficiary of the FG “Future” — Boris mints, the main shareholder O1 Group. Also, according to IFRS FY “the Future” for 2015, the group owns 52% of the ZPIF “Idzhi First estate” and major shares in the funds “Technologies of growth” “industrial investment” and “Energy of the North.”

As previously mentioned , shares of a number of funds included in the FY “the Future”, was founded by the Moscow credit Bank loans. In particular, according to “VTB Capital”, on August 31, 2016 the group “the Future” provided the security for the obligations of O1 Group in the form of shares of two NPF (99.86% shares of “Telekom-Soyuz” and 100% of FG “Future”) and guarantees for a total amount of 62 billion rubles. Also FG “Future” is a loan of RUB 1.4 billion, the collateral for which are the share of NPF “URALSIB”.

Thursday, October 27, the press service of group “the Future” announced the termination of contracts of pledges of shares, concluded with the ICD. “The parties came to a mutual agreement on the termination of the collateral in respect of all the Issuer’s shares of the funds. The release of shares of the funds under the collateral was part of the preparation of the financial group to IPO”, — said in a statement.

A source close to organizers of placing, has informed that ICB was not involved in the offering of shares of the pension group Boris mints.

FG “Future” declared intention to spend IPO at the Moscow exchange in mid-October. The planned IPO ranged from 15 to 20% of the shares of the group. Based on its evaluation of the capitalization of FG “the Future” (60 billion rubles) of its shareholders hoped to gain 8-15 billion rubles. “the Placement can take place in late October — early November,” — said the member of the Board of Directors of O1 Group Dmitry mints.

Source