Russian homebuilder PIK to raise $500 mln in SPO (updated)
29/09/2021 08:38
(Adds details, background, quotes)
MOSCOW, Sept 29 (Reuters) - Russian private homebuilder PIK
PIKK.MM plans to raise around $500 million in a secondary
public offering (SPO) of its existing shares and to use some of
the proceeds to buy part of VTB bank's VTBR.MM stake in the
company, it said on Wednesday.
Sergei Gordeev, PIK's chief executive officer, owns a 59.3%
stake in the company, while VTB holds 23% and the remaining
17.6% is the free float, PIK's website shows.
PIK's unit, LLC PIK INVESTPROEKT, would offer in the SPO
around 27 million quasi treasury ordinary shares, or company
shares held by a subsidiary. They equate to about 4.1% of the
company's share capital.
The unit would then use up to 11.6 billion roubles ($160
million) from the SPO proceeds to buy part of VTB's stake in
PIK.
The remaining proceeds will help PIK to repay its debt and
expand its business, it said, as the homebuilder seeks to become
a global technology company focused on modular construction and
the property market.
The bookbuilding of the deal, arranged by VTB Capital, J.P.
Morgan, Morgan Stanley, SberCIB, Alfa-Bank, ATON, Credit Suisse,
SOVA Capital and Gazprombank, starts on Wednesday and is set to
close on or about Thursday, PIK said.
Gordeev has said that the SPO was one of the options for the
company to increase its free-float. urn:newsml:reuters.com:*:nR4N2Q4071
($1 = 72.5975 roubles)
(Reporting by Tatiana Voronova; Writing by Alexander Marrow and
Katya Golubkova; editing by Barbara Lewis)
((alexander.marrow@thomsonreuters.com;))