April 8, 2010 10:21

OJSC Russian Sea Group (the "Company" or the "Group"), a leading Russian consumer food company, specializing in the production, sale and distribution of branded ready-to-eat fish & seafood products, and the sale and distribution of chilled and frozen fish & seafood products, announced the price range of its initial public offering (the "Offering") of its ordinary shares to investors in the Russian Federation, in certain jurisdictions outside the Russian Federation under circumstances not constituting an offer to the public in such jurisdictions, and outside the United States in reliance on Regulation S under the U.S. Securities Act of 1933, as amended reports with reference to Russian Sea Group's release dated 6, April 2010.


The Company has applied for admission to trading and intends to list its ordinary shares on the Russian Trading System Stock Exchange ("RTS") and on the Moscow Interbank Currency Exchange ("MICEX").

Summary of the Offering  

  • The indicative offering price range has been set at USD 6.00 to USD 8.00 per Share;
  • The Offering will consist of up to 21,692,062 ordinary shares, representing ordinary shares held by Corsico Limited (the "Selling Shareholder") and treasury shares currently held by the Company;
  • The offering price range implies an offering size of up to USD 130.2 million to USD 173.5 million;
  • The offering price range implies the pre-money Equity Value before the Offering and the closed subscription of USD 412 to USD 550 million (adjusted for Treasury Shares);
  • The post-money free float following the Offering and the closed subscription is expected to be up to approximately 27.3%;
  • The investors' roadshow commences today. The Offering is expected to be completed in April.
  • Renaissance Capital and VTB Capital have been appointed as Joint Global Coordinators and Joint Bookrunners for the Offering.

Commenting on today's announcement, Mr. Dmitry Dangauer, Chief Executive Officer of the Company, said: "We believe the Offering provides a new and exciting opportunity for investors to broaden their exposure to Russia's rapidly growing consumer sector. Our strong brands and wide distribution network support our leading position in the fish and seafood products market, which is one of the fastest growing sectors in the Russian food market. We look forward to meeting investors during the roadshow and introducing them to our plans to capture this growth for the benefit of our shareholders".


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Морской Конгресс