Mosgorlombard was valued for IPO at 3.5-4 billion rubles. with conversion of “prefs”
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The parent company Mosgorlombard PJSC MGKL begins collecting applications for the IPO. The price range is set at 3.1-3.5 rubles. per ordinary share, which corresponds to a capitalization in the range of 3.5-4 billion rubles. with conversion of “prefs”. About it it says on the MGKL website.
The capital of the parent company consists of 872.9 million ordinary shares (par value 0.01 rubles) and 27 thousand 430 preferred shares (par value 100 rubles). The share of “prefs” in the authorized capital is 23.91%, ordinary shares – 76.09 %.
After placement, preferred shares must be split, after which their value will be equal to the cost of ordinary shares. Then the “prefs” can be converted into ordinary shares if this issue is supported by at least 75% of shareholders of both categories. Then 274.3 million ordinary shares will go into circulation, and the authorized capital will consist of 1 billion 147.2 million ordinary shares (not taking into account those placed at the IPO).
The final placement price will be announced after the collection of applications, which starts on December 7 and ends on December 13, 2023. As part of the IPO, shares of additional issue will also be offered – up to 322.58 million shares. As a result of placement, free float can reach up to 36%
For major shareholders (owners of more than 84% of shares) a lock-up of 180 days is provided. The restrictions will not apply to the conversion of preferred shares, transfer to personnel under the incentive program, or alienation by affiliates of no more than 2% of shares in circulation.
On December 6, the Moscow Exchange included ordinary shares of PJSC MGKL in the “Third Level” section of securities admitted to trading. Trading in the shares is due to begin on December 14. The funds received from the IPO will be used for digitalization and expansion of the retail network in Moscow and the region.
At the end of nine months, Mosgorlombard received 55.8 million rubles. net profit compared to a loss of RUB 17.9 million. for the same period last year. The group received EBITDA in the amount of RUB 406 million, or 60% more than last year. MGKL must pay up to 25% of net profit in dividends for this year. At the end of 2024 and subsequent years, they plan to allocate from 25% to 50% of net profit for dividends.
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