News & Analysis » Russia
Magnit indicates price range for additional share issue
October 27, 2009, Tuesday, 15:33 GMT | 11:33 EST | 21:03 IST | 23:33 SGT
By Sergey Filchenkov (Finam)
According to media reports, the price range for Magnits upcoming additional share issue has been set in the range of USD 12.00 to USD 13.50 per GDR. Contrary to expectations, the targeted price range offers no substantial discounts to the networks current stock valuations on the LSE, where the retailer closed at USD 12.86 per GDR on Friday.
We are generally neutral on the details of the forthcoming floatation. The additional shares are to be floated at a price close to current quotes for the stock and we expect no steep fluctuations in the price of the shares now that the price range is known. The company has yet to disclose the planned volume of the issue and how it plans to spend the proceeds.
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