Trading in Kristall shares started with a minus – Kommersant

The start of secondary trading in shares of PJSC Crystal Alcohol Group (AGK) clearly did not please the majority of investors participating in the IPO. Not only did the first transactions on the Moscow Exchange go through at 9 rubles, which was already 5% lower than the placement price, but in the first ten minutes the quotes fell by 20%, to 7.65 rubles. Attempts to win back such an impressive drop raised quotes to 8.66 rubles. However, the strength of the bulls was not comparable to the pressure of the bears, and at the end of the main session the price stopped at 8.1 rubles, 15% below the IPO price. The trading volume amounted to 229 million rubles.

The day before, February 21, AGK announced on setting the placement price at the upper limit of the range – 9.5 rubles. At the same time, shares worth 1.15 billion rubles were placed. 15% of the placement volume was reserved for the green shoe option. According to market participants, retail investors mainly took part in the placement. According to the Moscow Exchange, the number of IPO transactions was less than 15 thousand. Of the last nine placements, this is only the second most modest result. There were fewer transactions (and, accordingly, investors) only when placing shares of Mosgorlombard (MGKL) – 3.3 thousand.

In general, the first trading in AGK shares turned out to be one of the worst among issuers that conducted IPOs in the last six months. Only Henderson shares in the first month of trading dropped to 30% below the offering price. Shares of Eurotrans and Mosgorlombard felt better, falling within 12%. However, regarding these securities, experts and expected high volatility. And, for example, currently, three months after the IPO, the stock quotes of Henderson and Eurotrans are at levels close to the offering price.

Finance department