Rapaport reported that ALROSA (MCX:ALNU) raised about $1.3 billion in its initial public offering (IPO), which took place today. That is at the lower end of estimates released previously.
As quoted in the market news:
The offering saw the Russian government and the Yakutia Republic each sell 7 percent of their respective stakes, while Wargan Holdings, a subsidiary of ALROSA, sold 2 percent. ALROSA said it will use the proceeds from the Wargan shares for general corporate expenses, including to repay existing debt.
Following the offering, the government now owns 43.9 percent, the Yakutia Republic owns 25 percent and the Yakutia municipalities hold 8 percent of the mining giant.