Russian Aquaculture settles secondary public offering share pricing
Russian Aquaculture has announced the pricing of its secondary public offering of new ordinary shares of the company at RUB 120 (USD 2) per share.
Through the initiative, the company expects to raise around RUB 2 billion (USD 34 million) during the offering, selling 16.7 million shares that are part of the new share issue that has been registered with the Central Bank of Russia.
“I think that the Board of Directors has set an attractive price that reflects the interests of both investors and the company: investors will have the opportunity to benefit significantly from future growth of the business, while the company will receive funds to invest in its expansion and attract high-quality investors whose involvement in the company will have a long-term positive effect on the share price and equity story of Russian Aquaculture,” pointed out Russian Aquaculture CEO Ilya Sosnov.
In his view, this additional placement should also significantly increase the liquidity of the company’s shares, which should reduce the volatility of the share price.
The company’s board highlighted it is in an active growth phase and intends to expand its access to high-quality sources of financing that are available only to open and transparent issuers.
In addition, Russian Aquaculture’s managers also pointed out that with the offering will make it possible for them to focus on the high-margin aquaculture sector, which was restructured last year after approving a new long-term strategy and selling its distribution business.
Currently, the firm leads the Russian chilled fish market and has become the only company in Russia that farms Atlantic salmon in maritime conditions.
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