reboot of the St. Petersburg Exchange after sanctions will begin with the IPO of the Element group – Kommersant
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The Element group of companies, Russia’s largest microelectronics manufacturer, plans to hold an IPO on the St. Petersburg Exchange, they write “RBC Investments” with reference to sources in the market and an interlocutor close to the trading platform. As the publication notes, its listing may be the first for the exchange after the introduction of US sanctions.
According to RBC Investments, Element Group considered several options for sites for placing shares, but chose St. Petersburg Exchange because it considered the proposed conditions to be the most optimal. “SPB Exchange is at the peak of its technological form, it knows how to provide liquidity through its technologies and market makers, the largest Russian brokers are connected to it, who also create liquidity,” said one of the interlocutors.
Element and some of its subsidiaries are under US blocking sanctions. In November 2023, St. Petersburg Exchange also came under restrictions. The head of the State Duma Committee on the Financial Market, Anatoly Aksakov, said that the exchange could become a platform for sanctioned companies, and issuers would be able to offer their securities through it not only to Russian but also to foreign investors.
The head of the analytical department of the investment company Ricom-Trust, Oleg Abelev, in a conversation with RBC Investments, suggested that an IPO “could breathe a second life into the exchange.” Managing Director of the Department for Work with Shares of Sistema Capital Management Company Konstantin Asaturov said that the advantage of the St. Petersburg Exchange can be prices and tariffs that are attractive to issuers and investors.
In March, the president of Element, Ilya Ivantsov, confirmed to Kommersant plans to enter an IPO. According to him, technically the company will be ready for listing in the first half of 2024.
Read more in the Kommersant article. “Everyone once started to grow from something”.
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