Kristall distillery plans an IPO before the end of the year – Kommersant
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Kaluga distillery Kristall intends to conduct an initial public offering (IPO) on the Moscow Exchange in the fourth quarter of 2023. About it “Vedomosti” reported a company representative and the Finam investment group, which will act as the organizer of the IPO. The newspaper’s source said that the size of the placement will be from 1 billion to 1.5 billion rubles. “depending on market conditions.”
They plan to use the money from the placement to implement the growth strategy and replace Western distillery producers who have left Russia, Vedomosti’s source said. A cash-in mechanism is being considered, in which funds will go into the company’s capital through an additional issue of shares.
Kristall entered the debt market for the first time in March, placing three-year bonds worth RUB 300 million. with a quarterly coupon and a yield to maturity of 14.21%. “Expert RA” assessed the company’s creditworthiness at the level of ruB+ (low level of creditworthiness and financial reliability). According to the head of credit analysis of Ingosstrakh-Investments Management Company Evgeny Vorobyov, most of the securities were purchased by individuals.
Novabev Group (formerly Beluga Group) was the first among Russian alcohol companies to go public. In 2008, it raised $190 million, valuing the group at $1 billion. In 2012, Abrau-Durso entered the stock exchange. IPO in 2021 planned carried out by Mercury Retail Group (which manages the Krasnoe and Beloe and Bristol chains), but the decision was postponed due to the “market situation.”
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