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New VTB Shareholders Small Minority
None of the new shareholders in Vneshtorgbank after its initial public offering acquired more than 1 percent of the bank's stock. The bank is thus free of “major” minority shareholder that could oppose the management and majority shareholders. A source close to the IPO said that the largest purchases by legal entities reached $1.5 billion, and the largest private purchases were $40-50 million.
A source at another bank that placed its shares said that five key investors were identified, of which two are Russian. They bought packages with a combined worth of $1 billion. According to Interfax, the largest VTB package purchased was the Singaporean state fund Temasek, which bought 5 percent of the stock placed, and about 3 percent of the placement went to Capital International. A Capital International spokesman declined to comment on that information.
The price per VTB share was 13.5 kopecks ($0.00528), with 1.53 common shares placed. The bank placed 35 percent of the shares in Russia. There were more than 131,000 applications from individuals and more than 1000 from legal entities. The bank's capitalization came to $35.6 billion after the IPO, which was organized by Citibank, Deutsche Bank, Goldman Sachs and Renaissance Capital.
The great demand for VTB shares among institutional investors was seen in Russia, Great Britain, the United States and Germany. Renova, Inteko and Bazel stated that they did not buy VTB shares. Interros stated that it did not invest “large-scale funds” in the IPO.
Alliance ROSNO Asset Management has predicted that VTB stock will increase in price by 15 percent in the next three months. Finam has predicted a 27-percent increase. Analysts say that investors may fix their profits soon, however, and point out that Sberbank is a more profitable investment.
www.kommersant.com
All the Article in Russian as of May 15, 2007
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