B2B-RTS sets price range for IPO at 112-118 rubles/share, valuing co at 20 bln - 21 bln rubles
MOSCOW. April 10 (Interfax) - The price range for the initial public offering of PJSC B2B-RTS , the flagship company of a group that includes the operators of two electronic trading platforms and developers of purchasing solutions and services, has been set at 112-118 rubles per share, valuing the whole company at 20 billion-21 billion rubles, B2B-RTS said.
Book building begins on Friday, April 10 and will conclude by April 16.
The offering is a cash-out, meaning investors will be offered shares owned by existing shareholders: Sovcombank and financial investors. The selling shareholders plan to offer 11.5% of the company's stock, including a stabilization block of shares.
Given the announced price range, the IPO could raise 2.3 billion - 2.4 billion rubles.
The block of shares held by management will remain unchanged. Sovcombank plans to retain a "substantial share" of B2B-RTS's equity and continue to be involved in the development of the platform's business.
Trading in the company's shares is set to begin on the Moscow Exchange on April 17 under the ticker BTBR. The securities will be included in the second quotation list.
As part of the IPO, a stabilization mechanism will be structured in the amount of around 15% of the base offering size at the offering price, which will be in effect for 30 calendar days after the trading start date. B2B-RTS and the selling shareholders will undertake obligations restricting the placement of new shares and the disposal of already placed shares for 180 days from the trading start date. The company's management will undertake similar lock-up obligations.
According to the statement, the selling shareholders will seek to ensure a balanced allocation between retail and institutional investors. It is expected that employees and partners of the platform may receive priority allocation.
The minimum guaranteed allocation to a single retail investor will be determined based on the results of the book building, but will be at least 1 lot (1 lot equals 1 share). At the same time, an investor who submits more than ten orders may not receive an allocation. The maximum allocation to a single retail investor will also be determined based on the results of the book building.
Allocation does not depend on the broker through which investors participate in the IPO.
As for institutional investors, the minimum and maximum allocation amounts per single participant will not be set until the book building is closed and will be determined only based on its results.
B2B-RTS combines a commercial procurement platform and the vendor of domestic solutions B2B-Center, the federal electronic platform RTS-Tender, the digital development laboratory OTC, the educational center RTS-Academy, and the digital service Cloud Logistics.
Currently, the company's charter capital is represented by 178.7 million shares with a par value of 0.01 rubles.
The largest co-owner of the platform is Sovcombank, but the company does not disclose the exact composition of its shareholders. According to the prospectus of B2B-RTS, the company's shareholders are six legal entities and 21 individuals. Among the latter are the CEO and managing partner of the company Kirill Tolcheyev, who owns 4.2% of the shares of the PJSC, the CEO of RTS-Tender Vladimir Lishenkov (1%), and the CEO of RTS-Academy Roman Tolkachev (1%).
