Moscow. June 30. INTERFAX.RU – Foreign investors were the main buyers of shares within SPO “Pole”, they accounted for about 90% occupancy, reported “Interfax” Boris Kvasov, managing Director of equity capital markets “VTB Capital”, acted as one of organizers of placing.
“The share of investors from the UK accounted for about half of the shares under the placement. Russian investors bought just over 10%, the same accounted for investors from continental Europe. Almost 20% of the shares were purchased by investors from North America, including Canada, which is not often look for Russian transactions on the equity markets. Investors from the Middle East purchased less than 10% of the shares,” said Kvasov.
He noted the high quality of the investors in the deal: most of them were long-term investors – their share accounted for almost 80% of all allocations, including sovereign wealth funds, representing slightly less than 10%. Russian pension funds, according to Kvasov, also participated in the transaction, their share was less than 1%.
“There was a demand from individuals, they took part in the exchange tranche, but their share in total volume of demand is negligible,” he added.
“The results of the offers more than 80 institutional investors bought shares. The top 10 allocations accounted for about 60% of supply”, concluded Kvasov.
Earlier on Friday, Polyus announced the price of accommodation within the SPO – it will be $66,5 (3929,19 ruble) per share. This is the lower limit of the price range ($66,5-70,6), it corresponds to the capitalization of the entire company at $8,48 billion.
Investors offered ordinary shares traded on the Moscow stock exchange and global Depository shares (GDS) to be admitted to trading on the London stock exchange. One share correspond to the two GDS, respectively, for them the price is $33,25.
Selling shareholders under the SPO act Polyus Gold (PGIL) International Limited (PGIL) Saida Karimova and her “daughter” Polyus Gold plc, the new shares for $400 million locates himself the “pole”. The total transaction volume will account for 7% to 9% of the enlarged share capital of the company. Polyus Gold plc will direct all proceeds from the sale of existing stock funds to purchase a new, in the framework of the additional issue, and then pass that package PGIL.
The joint global coordinators and joint bookrunners for the transaction are Goldman Sachs International, JP Morgan, Sberbank CIB and “VTB Capital” are joint bookrunners BMO Capital Markets, Gazprombank, and Morgan Stanley. PGIL is going to provide to the joint bookrunners the option to the extent of 10% of total offer at the offering price.
On top of the price range – the market capitalization of $9,005 billion – consistent with the price announced in may a deal with Fosun under which a Chinese company buys 10% of the “Pole” PGIL. Fosun received an option for another 5% “Pole”, but at a higher price – $77,6628 per share. The sum of the two transactions is up to $1,375 billion.