Russian gold producer Polyus has set the price guidance of its secondary public offering (SPO) close to the lower bracket of a $66.5-70.6 range per share, a source close to the placement reported.
The initial placement price guidance was set at $33.25-35.3 per global depositary share (GDS), which corresponds to $66.5-70.6 per share.
“The lower point is the guidance. The price sensitivity is around $33.25 per GDS,” the source said. “The bidding book was oversubscribed long ago. Demand is very high. The bulk of the bids is located at the lower point of the guidance”.
Polyus planned to offer from 7% to 9% in its capital, including $400 million worth of new shares and existing securities, including GDS.
On June 22, two sources close to the placement said Polyus received bids for the maximum amount of the SPO.
Companies of Suleiman and Said Kerimov are beneficiary owners of Polyus. (Prime/Ukrainian metal)