20/04/2011 The London Stock Exchange welcomes Etalon Group to the Main Market
The London Stock Exchange today welcomed Etalon Group (ETLN), one of Russia’s largest residential real estate developers, to mark the first day of trading in its global depository receipts on the Main Market of the London Stock Exchange, following its successful listing.
Etalon Group is a leading Russian residential real estate developer. Since its original inception in 1987, it has built a leading position in the St. Petersburg Metropolitan Area, where it has recorded an 11% average annual market share of total residential completions in the private sector (excluding individual constructions) between 2000 and 2010. It also has a growing presence in the Moscow Metropolitan Area market.
Etalon Group intends to use the majority of the net primary proceeds of the Offering for the acquisition of new land plots with the balance used to finance working capital requirements, including the construction costs of new and existing projects.
Based on the offer price, the market capitalisation at the commencement of dealings was approximately $2.1 billion before the exercise of the over-allotment option.
Viacheslav Zarenkov, Chairman of Etalon Group, said:
“The positive response to the Offering and the fact that we achieved our fundraising target is a real endorsement of Etalon Group’s business, the markets in which it operates and the strength of its management team. The Offering is another important milestone in our long history and will allow us to build on the solid platform for growth that we have already established. We will now put the proceeds to work in acquiring new projects and expanding operations in our key markets in order to capitalise on the attractive opportunities in the sector. We look forward with confidence to our future as a public company and to delivering value to all shareholders, both new and old alike.”
Joint Global Coordinators and Joint Bookrunners:
Credit Suisse Renaissance Capital VTB Capital