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Polyus to offer 7% of shares in SPO on London, Moscow

Staff Writer |
Gold producer Polyus plans to offer 7% of its shares under a secondary public offering (SPO) on the London Stock Exchange and the Moscow Exchange, the company said in a statement on Monday.

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The company has started a pre-marketing campaign and will hold a roadshow for the offering in the next two weeks, a banking source told PRIME.

Another financial source said that the price range will be announced next week.

About U.S. $400 million worth of new shares and existing securities, including global depositary receipts (ADRs) trading in London, are expected to be offered

The company’s major shareholder Polyus Gold International Limited (PGIL) controlled by businessman Said Karimov and holding 91.73% in Polyus and Polyus Gold plc are the selling shareholders.

Goldman Sachs, J.P. Morgan, Sberbank CIB and VTB Capital act as global co-coordinators and co-bookrunners, while BMO Capital Markets, Gazprombank and Morgan Stanley act as co-bookrunners. PGIL may provide an option for 10% of the offering to organizers.

Polyus will use the funds for debt repayment, funding operating activities and fields development projects, capital expenditure and other general corporate purposes.


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