Russian gold miner GV Gold sets price range for IPO
MOSCOW - Shareholders of Russia's GV Gold, including US fund BlackRock, aim to raise $450-million to $560-million by selling about 37% of the mid-sized gold miner through an initial public offering (IPO) in Moscow.
GV Gold on Tuesday set its IPO price range at 1 650 to 2 050 roubles ($21.74 to $27.01) per share, implying a market capitalisation of 90.7-billion to 112.7-billion roubles ($1.2-billion to $1.5-billion).
It said the bookbuilding would start on Tuesday and continue until around March 29, with the final offering price expected to be announced on or around March 30.
Trading on the Moscow Exchange was expected to commence on March 30, GV Gold, one of Russia's 10 largest gold miners, said in a statement.
Ordinary shares will be offered by core shareholders - Sergey Dokuchaev, Natalia Opaleva, and Valerian Tikhonov, who own a combined 61.2% of shares, as well as BlackRock which has an 18% stake.
The founding shareholders will retain a significant interest after the IPO, the company said.
GV Gold plans to increase production to up to 300,000 troy ounces this year from 272 000 in 2020 and reach 400 000 ounces per year by 2025.
Its dividend policy envisages the payment of 40% of its Ebitda as long as its leverage does not exceed 1.5x. Its adjusted Ebitda doubled to $248-million last year on higher sales and gold prices, while net debt fell 6% to $19- million.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation