Yuzhuralzoloto, one of the largest gold mining enterprises in Russia in terms of production volume and reserves, announced plans to hold an initial public offering (IPO) of ordinary shares on the Moscow Stock Exchange by the end of November 2023.
The company plans to place up to 5% of the share capital. Within 30 days after the start of trading, a stabilization mechanism of up to 10% of the offer volume will be structured.
It is noted that only additionally issued shares will be offered as part of the IPO, and existing shareholders will not sell their stake. Thus, all funds raised during the IPO will be transferred to the company and will be used for "general corporate purposes and reducing the debt."
The Yuzhuralzoloto Group is among the top 10 Russian gold miners. In addition to the company of the same name, the group's subsidiaries are Kommunarovsky Mine, Sovrudnik, Priisk Drazhny and others. According to the results of January-June 2023, the company recorded a net loss of 6.323 billion rubles.
Alex Shishlo for Rough&Polished
