Factbox-Russian companies’ scaled-down IPOs in 2023

9:45 am Wednesday, November 22nd, 2023

(Reuters) -Gold miner Uzhuralzoloto (UGC) raised 7 billion roubles ($78 million) in an initial public offering (IPO) in Moscow on Wednesday, the latest in a series of small fundraisings by Russian companies as they adjust to life without Western capital.

Share listings in Russia have been few and far between since it sent armed forces into Ukraine in February 2022, and have generally been small and dependent on retail investors.

In 2023, firms have raised a total of around 29 billion roubles ($323 million) in IPOs and direct listings, according to Reuters calculations, a far cry from the billion-dollar capital raises achieved by Russian companies in the earlier years of President Vladimir Putin’s time in office.

The Western banks that formerly acted as underwriters and bookbuilders are now absent, with Russia’s largest lenders picking up the slack.

Electric scooter company Whoosh staged Russia’s only IPO in 2022, raising 2.1 billion roubles ($33 million at the December 2022 exchange rate), less than originally hoped. Here are the companies that have followed in 2023.

IPO/DPO

– Biotech startup Genetico raised 179 million roubles in an IPO in April.

– CarMoney, a fintech service owned by SmartTechGroup (STG) raised 978 million roubles in a direct public offering (DPO) in July.

– Technology company Astra raised 3.5 billion roubles in an October IPO.

– Men’s clothing chain Henderson attracted 3.8 billion roubles through its IPO in early November.

– IT company Softline’s shares began trading in Moscow after a direct listing in September. That came after Softline separated from its global partner, now called NOVENTIQ.

– Fuel retailer Eurotrans raised around 13.5 billion roubles on Tuesday.

– UGC raised 7 billion roubles on Wednesday, pricing at the lower end of its targetted range.

SPO

– State-owned lender VTB Bank raised 94 billion roubles in a secondary public offering (SPO) in June, in a capital top-up that saw an undisclosed investor acquire a chunk of the state’s share in the bank

– Steel pipe maker TMK raised 4 billion roubles in a September SPO.

United Wagon Company raised 26 billion roubles in an SPO on Wednesday.

($1 = 89.7230 roubles)

(Reporting by Reuters; Compiled by Alexander MarrowEditing by Kevin Liffey and Mark Potter)