Bank Saint Petersburg OJSC Shares Priced at US $5.40 per Share and US $16.20 per GDR
Bank Saint Petersburg Open Joint-Stock Company (BSPB or the “Company”), one of the leading independent universal banks in Saint Petersburg and the Leningrad Region, today announced the price of the 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.
The offer price has been set at US$5.40 per Share and US$16.20 per GDR.
The Offering comprises 50.68 million newly issued ordinary shares (excluding shares subscribed for by pre-emptive right shareholders), which is 18% of the Company’s ordinary shares post-new issuance. Based on the Offer Price, the gross proceeds of the Offer are US$274 million. The Company's post-IPO market capitalization is expected to be US$1.524 billion.
BSPB’s shares have been included in the “V” quotation list of both the Russian Trading System (RTS), under the ticker STBK, and the Moscow Interbank Currency Exchange (MICEX).
The deal was met with strong investor demand and was multiple-times oversubscribed. Securities were allocated across a broad range of international institutional investors outside the United States. The Shares were also allocated in Russia.
Trading is expected to commence on RTS and on MICEX, and the GDR programme is expected to be terminated, after the Central Bank of Russia has registered a report on the placement of Shares.
Deutsche Bank acts as Sole Global Coordinator of the Offering. Deutsche Bank and Renaissance Capital act as the Joint Bookrunners.
Commenting on the IPO, BSPB CEO Alexander Savelyev said: “We are pleased with the extremely positive investor response to our initial public offering, which reconfirms the continued robust investor demand for high-quality Russian offerings. Proceeds from the offering will help us to strengthen our bank’s capital base and expand its operations in Russia’s fastest growing region – Saint Petersburg and the Leningrad Region.”