“Mosgorlombard” is pledged to investors – Newspaper Kommersant No. 190 (7391) dated 10/13/2022
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Mosgorlombard, which accounts for 5% of the Moscow market, is ready to sell a stake in the capital to third-party investors. Justifying its attractiveness, the company talks about improving the results of its work “during cataclysms.” Experts note that now the issuer should rely only on venture investors, and the performance of pawnshops depends on gold prices, which are not growing yet.
Mosgorlombard is going to start a pre-IPO of its shares on the ROUNDS site from October 13, the company said. The placement, carried out by closed subscription (that is, among a limited circle of investors), is planned to be completed before December 31. The company is going to sell ordinary and preferred shares, which are on the balance sheet of the subsidiary Lombard Aurum.
The placement price of voting shares (up to 4.8% of their number) will amount to 22.1 thousand rubles. (i.e., the company’s capitalization is estimated at almost 2 billion rubles), preferred (88%) – 10.3 thousand rubles.
In total, it is planned to attract 341.6 million rubles.
For investors, option buyback programs for ordinary shares are provided, the company notes, without disclosing details.
According to the charter of Mosgorlombard, a fixed income of 1.45 thousand rubles is paid on preferred shares. in year. According to the company’s CEO Alexei Lazutin, the IPO will follow in the fourth quarter of 2023.
“Mosgorlombard” — a large chain of pawnshops, which accounts for 5% of the Moscow market. The company’s net interest income excluding provisions for the first half of the year exceeded RUB 217 million, doubling year on year. At the same time, the company received a loss in the amount of 7.8 million rubles for the reporting period. More than 93% of the loan portfolio is secured by jewelry.
ROUNDS is an online platform for transactions with OTC securities of non-public companies. The platform has been included in the register of investment platforms of the Bank of Russia since May 2021. According to Anton Utekhin, general director of the site, in the first year of operation, the volume of transactions made amounted to 380 million rubles.
Now the main source of financing for Mosgorlombard is commercial and exchange-traded bonds. According to Rusbonds, the issue volume is 1 billion rubles, coupons – 14-16.5% per annum. According to Mr. Lazutin, the placement of shares will allow diversifying funding:
“The pawnshop market works well in a stable environment, but during cataclysms it tends to work better.”
Directions for investment in Russia is becoming less and less. However, Anna Mikhailova, an analyst for Russian shares of Ingosstrakh-Investments Management Company, believes that now is not the best time to enter the stock market and conduct placements, especially for a “non-first-tier issuer”. At the pre-IPO stage, that is, with limited secondary circulation, you can only count on venture investors, market participants believe. According to AOIP Executive Director Kirill Kosminsky, the ROUNDS platform “is generally attractive to qualified investors for whom investing in start-ups and fast-growing companies is a mandatory part of the portfolio.”
Olga Meshcheryakova, General Director of Peramo Invest Management Company, notes that pawnshops’ loan portfolios are backed by gold, so “such a specific story as Mosgorlombard may well be of interest to investors.” Given a wide network and high appraisal expertise, she adds, pawnshops are less risky.
However, this year the industry showed a decrease in the size of the portfolio, as gold quotes in rubles fell due to the strengthening of the national currency (see “Kommersant” of September 19), emphasizes Dmitry Alexandrov, managing director of Ivolga Capital. In addition, according to Anna Mikhailova, Mosgorlombard has a high debt burden, extremely low capital adequacy, and “generally low credit quality” (ruB+ rating from Expert RA), which “speaks of a rather high riskiness as new debt issues , as well as share issues.
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