Bank Saint Petersburg Open Joint-Stock Company (BSPB or the “Company”), one of the leading independent universal banks in Saint Petersburg and Leningrad Region, today announced the preliminary price range for an initial public offering (the “IPO” or the “Offering”) of its newly issued ordinary shares (the “Shares”) and unlisted global depository receipts (the “GDRs”), with each GDR representing three underlying ordinary shares. Shares are included in the “V” quotation list of both the RTS, under the ticker STBK, and MICEX exchanges.
The indicative price range has been set at between US$4.35 and US$5.65 per Share, and US$13.05 and US$16.95 per GDR.
The Offering is expected to comprise up to 50.8 million newly issued ordinary shares.
The Company's post-IPO market capitalization is expected to be between US$ 1.23 billion and US$1.6 billion with a free float of up to 18% of total ordinary shares.
The Company has already announced its intention to launch a public offering of Shares and GDRs. The Shares will be offered in the Russian Federation and to institutional investors outside the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act of 1933. Under the GDR programme, the GDRs will be offered outside the United States on the OTC market, also in reliance on Regulation S under the U.S. Securities Act of 1933. The GDR programme is expected to be terminated as soon as practicable after the Central Bank of Russia has registered a report on the placement of Shares.
Deutsche Bank has been appointed as Sole Global Coordinator of the Offering. Deutsche Bank and Renaissance Capital are the Joint Bookrunners.
Commenting on the Offering, BSPB CEO Alexander Savelyev said: “The IPO represents an important milestone in the development of our bank. We have a growing client base in one of Russia’s fastest growing regions, and the IPO will help us to strengthen further our leading regional position.”