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Petersburg construction company LSR announced SPO (secondary offering) today. Price range of placement is set at 10-11 dollars per global depositary receipt (GDR), or 50-55 dollars per share (equivalent to 5 GDR).
Volume of placement is 16.04 million shares, which are issued in the form of additional issue. Based on the promulgated price range, LSR Group plans to attract from 800 to 882 million dollars. As noted in the announcement of the company, the final offer price will be below this range, but may be even higher.
Goldman Sachs International and J.P. Morgan Securities Ltd. are acting as joint global coordinators and together with VTB Capital as joint bookrunners.
Funds will be used to finance the development of real estate development activities (land acquisition), to finance the ongoing construction and capital expenditures for the acquisition of facilities for the production of building materials and other corporate purposes.
Funds will be used to finance the development of real estate development activities (land acquisition), to finance the ongoing construction and capital expenditures for the acquisition of facilities for the production of building materials and other corporate purposes.
LSR Group was founded in 1993 and operates as a diversified construction company in several complementary market segments. The main activity of the group is production of building materials, construction and development. In 2007 the company held an initial public offering of shares (IPO), selling 12.5% of capital at costs of $ 72.5 per share and U.S. $ 14.5 - per GDR.
Consolidated net profit of LSR on International Financial Reporting Standards (IFRS) for 2009 amounted to 4.59 billion rubles against more than 8 billion rubles of loss in 2008.
Nat Lawyer
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