Mechel IPO on NYSE

Mechel has completed placement of preferred shares on the New York Stock Exchange (NYSE). At 00:46 Moscow time the value of securities amounted to $ 7.90, which is 5.33% higher than at the beginning of trading. 

On May 7 it was reported that the shareholders of Mechel attracted U.S. $ 228.75 million through public offering of preferred shares. Selling shareholders agreed to sell 30.5 million ADS, issued to 15,250 million of preferred shares. The price of one ADS was U.S. $ 7,5.

Preference shares and preferred ADS are offered by James Justice II, James Justice III, James C. Justice Companies Inc. and Gillian L. Justice. Selling shareholders offered bookrunners an option to buy additional 4.5 million ADS preferred within 30 days, if necessary, the company said.


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