MOSCOW - Russian gold miner Uzhuralzoloto (UGC) said on Wednesday it had raised 7-billion roubles ($78-million) in an initial public offering on the Moscow Exchange, pricing at the lower end of its range.
Russia's fourth-largest gold miner has shrugged off British sanctions on its owner, Konstantin Strukov, to push ahead with the listing and said it gave the company a market value of around 117-billion roubles.
The valuation implies a 15-20% discount to Russia's largest gold miner Polyuz, CFO Artem Kletskin said last week.
Russian share listings have been few and far between since Russia sent its troops into Ukraine in February 2022, and have generally seen small volumes and been dependent on Russian investors after an exodus of Western capital.
UGC said it had attracted more than 70 000 new investors during the IPO and that aggregate investor demand had exceeded supply many times over.
The company set the price for its IPO at 0.55 roubles per share, the lower end of its range. Shares will begin trading at 1230 GMT under the UGLD ticker.