Mosgorlombard intends to hold an IPO on the Moscow Exchange in early December – Kommersant
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PJSC MGKL (parent company of the Mosgorlombard group) announced about the intention to conduct an initial public offering (IPO) on the Moscow Exchange (MOEX: MOEX) in the beginning of December. As part of the IPO, investors will be offered shares of an additional issue of securities. The total placement volume will be up to 322,580,000 shares.
Mosgorlombard expects that based on the results of the IPO, the share of the group’s shares in free float will be up to 36%. It will be possible to submit an application to purchase shares through Russian brokers. JSC IFC “Solid” will act as the placement agent.
There are currently 27,430 preferred shares in circulation with a par value of RUB 100. each and 872,900 thousand ordinary shares with a par value of 1 kopeck. each, as specified in Mosgorlombard. Preferred shares account for 23.91% of the company’s authorized capital, ordinary shares – 76.09%.
Mosgorlombard is the oldest company on the Moscow pawnshop market, founded in 1924. Provides services for issuing loans secured by highly liquid movable property: jewelry and fur products, gadgets and highly liquid equipment.
Based on the results of nine months of 2023, the revenue of Mosgorlombard grew by 4.1% compared to the same period last year and amounted to 1.15 billion rubles. Net profit increased in January-September to 55.8 million rubles. EBITDA at the end of the reporting period amounted to RUB 406 million, exceeding the figure for the comparable period in 2022 by 60%.
Read more about why companies decide to make initial public offerings in the Kommersant FM article. “The IPO market felt confident”.
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