Russian residential property developer Pik Group has raised $330 mln (鈧�250 mln) from a new share issue which it will use for develeraging and investment purposes.
Russian residential property developer Pik Group has raised $330 mln (鈧�250 mln) from a new share issue which it will use for develeraging and investment purposes.
The company issued a total of 1.67 million new shares at a price of RUB 62.5 (鈧�1.5) per share, bringing the number of shares to 660.5 million in total.
Pik said the proceeds from the share issue exceeded expectations. The initial minimum size announced for the issue was $150 mln (鈧�113 mln). The additional $180 mln (鈧�136 mln) raised through the accelerated share offering and open subscription follows strong investor demand.
In a statement Pik said it intends to use at least half the proceeds for deleveraging activities. It added that a portion 鈥榤ay also be used for investment in new projects and general corporate purposes.鈥�
Russian banks Sberbank and VTB Capital acted jointly as bookrunners for the issue.
