Rus News Journal

Rusagro named the price

the Largest Russian manufacturer of sugar agroholding Rusagro the Belgorod senator Vadim Moshkovicha declared results IPO. Placing has passed almost in the bottom price border - $15 for GDR, and all company has been estimated in $1,8 billion
on April, 7th agroholding Rusagro has closed the book of demands, perepodpisav it, according to sources , more than twice. During IPO the company could involve $330 million, has informed on Friday Reuters referring to the communique Rusagro . The placing price has been defined in $15 for GDR (five GDR correspond to one share of company) it is closer to the bottom border of the price range declared by the company $14,5-18,25. All company has been estimated in $1,8 billion

It was supposed that Rusagro will sell 20,69 million GDR dopemissii. However during IPO the offer volume has been increased to 22 million GDR: Investors will receive 20 million receipts from dopemissii for the sum of $300 million and 2 million GDR for the sum of $30 million from offshore Shiny Property Ltd Vadim Moshkovicha. More GDR within the limits of an option greenshoe organizers IPO - " can receive 3 million; the Renaissance the Capital Credit Suisse, Alfa Capital Markets. As a result free float will make 18,3 %, and at realisation greenshoe - 20,8 %.

Capitalization of the company following the results of IPO has made an order $1,8 billion the Maximum size free - float Rusagro there will be 17,1 %. The official auctions by actions Rusagro will begin on April, 13th.

GK Rusagro it is created in 2003. Develops sugar, maslozhirovoj, meat and agricultural biznesy. 95 % Rusagro 5 % - at general director Maxim Basova belong to a family of businessman Vadim Moshkovicha. In 2010 of sale Rusagro have grown to 31 mlrd rbl. (in 2009 - m - 24,7 mlrd rbl.) Profit - to 5,2 mlrd rbl. (2,3 mlrd rbl.) . The basic actives of group (all seven sahzavodov, and also the Belgorod bacon and agricultural productions) are concentrated for today in Chernozem region.

Analysts positively estimate placing Rusagro . that they have taken place more close to the bottom border, despite great demand from investors, speaks a considerable quantity of transactions a stock exchange, including with the consumer sector companies - the analyst " considers; VTB the Capital Ivan Kushch. An analyst Uralsiba Tigran Ovanesjan considers optimum the price in $15. As he said, she assumes 15 - percentage discount to papers Cherkizovo which in day of closing of the book of demands Rusagro bargained on animator EV/ EBITDA 2010 nearby 8 - 8,5.

we Will remind that Rusagro has deduced the actions on a stock exchange from the second attempt. In May of last year the company planned IPO on the Russian platforms of RTS and the Moscow Interbank Stock Exchange and then was going to gain $245,5-309,2 million, estimating itself in $1,23-1,55 billion In day of closing of the book of demands Rusagro has decided to postpone IPO, having refused to meet investors who asked discount to the bottom border of placing - $13,5 for a paper. As the reason of carrying over IPO the agroholding named volatilnost the markets.

it is necessary to notice that in the prospectus for investors Rusagro has designated some priorities of the further development. So, the group intends to return on the market of manufacture of sunflower-seed oil from which has left in 2006, having sold all five masloekstraktsionnyh factories (MEZov). In March, 2011 Vadim Moshkovicha`s holding has got 74,9 % of shares in Open Company Samaraagroprompererabotka owning Bezenchuksky MEZom in the Samara region, it was told in the group prospectus. Considering that means from IPO as it was declared, will go including on new transactions M &A, from Rusagro it is possible to wait for acquisition and others MEZov.