Sustained by Govt, Sberbank to Enjoy Good Redemption
The holders paid up 99.4 percent of their bids filed for the new issue of stocks, Sberbank announced Wednesday. Today’s concern of authorities is the redemption of third party investors that may (or may not) pay up their bids from March 8. According to market players, the authorities will maintain Sberbank quotes not only till the end of the placement but for other two or three months, i.e. till the end of VTB’s IPO.
The holders redeemed over 1.6 million currently placed stocks worth 146.3 billion rubles, which corresponds to 99.4 percent of their bids, said Sberbank CEO Andrey Kazmin. The remaining investors will be buying the stocks from March 8 to March 21.
The announced price [89,000 rubles per a stock] covered the bids worth 253.9 billion rubles, said Alla Aleshkina, who is the first deputy of Sberbank chief. So, the investors have roughly 107 billion rubles more to provide.
“I think we will derive 240 billion rubles to 245 billion rubles, but I do emphasize that is just the preliminary estimate. We have to wait for official results,” Aleshkina told Prime-TASS news agency. Sberbank management declined to come up with interim evaluation.
Sberbank offered subscription to 3.5 million new stocks from January 30 to February 19. Overall, the filed bids amounted to roughly 270 billion rubles, according to Kazmin.
Placing Sberbank stocks amid holders proved in line with expectations. “The published data corresponded to preliminary information available to the market players. As expected, CBR redeemed stocks worth 79.4 billion rubles, other holders provided the remainder [about 67 billion rubles],” said Ivan Guminov, leading portfolio manager at Nomos Bank.
Today’s highlight is behavior of third party investors that filed bids for around 100 billion rubles. Their buying sentiment depends on the market movement of Sberbank. The analysts stake on authorities to sustain the quotes not only till the end of the placement but for other two or three months, i.e. till VTB completes its IPO.
www.kommersant.com
All the Article in Russian as of Mar. 09, 2007
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