VTB starts to collect orders ahead of its IPO
Published time: 9 Apr, 2007 20:49 Edited time: 10 Apr, 2007 00:49
On Monday, Russia’s number two bank VTB began marketing its share offering by opening its books for Russian private investors, who can place a bid for a minimum stake of one thousand dollars, through any of the bank's branches.
VTB has begun marketing its IPO, in which it will place around 25% of its shares. The company plans to rise up to $US 6 BLN later this year. One third of the shares will be sold in Russia mostly to private investors. The rest will go to institutions abroad. VTB will take orders until May 7 at all branches of its retail arm VTB-24 and its own branches in Moscow and St. Petersburg. On Monday the company opened a new branch. It is all part of a strategy to attract the attention of investors across the country. Analysts say the banking sector is riding a wave of growth and that positive sentiment is expected to help make the bank’s floatation a success. It could even bring more banking players into the market.VTB bank will become the first Russian bank to be listed on the international stock exchanges and it is a path that others are likely to follow.