Interest to VTB – Enormous
// The bank’s shares grew by 10 percent already at preliminary bidding
VTB officially announced on Friday the price of its IPO. The capitalization made up $35.5 billion. In the meantime, the London Stock Exchange began preliminary trading of the bank’s global depositary receipts (GDR). Summing up the first trading day, VTB’s market cap grew to nearly $40 billion. The growth of its shares will go on, at least until official biddings at Russian stock exchanges begin, experts say.
VTB shares’ offering price made up 13.6 kopecks ($0.00528) per one share and $10.56 for a global depositary receipt (GDR) representing the property right for 2,000 shares, the bank’s press service said on Friday. Same day, the London Stock Exchange (LSE) began preliminary trading of the bank’s GDRs.
The capitalization of the second-largest bank in Russia reached $39.4 billion. Thus, it entered the top ten of major Russian companies, taking seventh position and coming ahead of Norilsky Nikel ($36.7 billion) and TNK-BP Holding ($30.2 billion).
LSE spokesman Patrick Humphreys said the first day of trading VTB’s derivative instruments was successful. “Over 2,000 deals were concluded. We do not have information on who the investors were, but the interest to the bank’s GDR was enormous,” Humphreys said.
Official trading of VTB shares will begin on May 17th at the LSE, and after May 25th at Russia’s MICEX and RTS.
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All the Article in Russian as of May 12, 2007
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