Alrosa sold 16 percent of shares

Russian giant ALROSA, the biggest  company for production of diamonds in the world, have announced that through the initiative of public offer will sell around 16 % of their shares. Even though for leading packages of shares  “De Beers” was interested, current company’s share holders are against sale of big package of share holders to strategic share holders. Current market capitalization of the company ALROSA is 5.1 milliard euro.

The biggest Russian diamond producer ALROSA should start with first emission  of its share holders in next two weeks. It will be offered to investors 16 % of share holds whose total value could go over 1 milliard euro. These funds would partly cover the company’s debt. ALROSA intends to offer its shares to small, and not to strategic investors, which could negatively reflect  on the value of shares after public offer, as the experts warn.

State agency for state property management (“Rosimuščestvo”) and company in the ownership of Yakutskgovernment “RIK Poljus” will offer up to 7% of shares, and additional 2% plans to sell Cypriot company “Wargan Holdings Limited”, ALROSA company branch. The money of sale of 2% of shares, ALROSA will spend to cover its debt, and the rest of funds company intends to invest in infrastructural projects in Yakutiya. Its coordinators as a part of initial public offer are “Goldman Sachs International”, “ Morgan Stanley” and “VTB Capital”, and the book of orders should be led by “Renessans Kapital”. After the sale of packages of up to 7% of sharesRussiawill stay the owner of 43,9 %, and Republic Saha (Yakutiya) 25 % of shares. The rest of 8% is at disposal for 8 sectors (“ulusa”) of Yakutiya where the company works. People employed in company ALROSA and other physical individuals have 4,2 % and legal individuals 4,8 % of shares.

ALROSA is the biggest company in the world for diamond production (34,4 million carats  in year 2012).Experts  expect that the investing will be approximately  on the level of current market prices. According to that, Russian federal government and government of Yakutiya could get 0,58 milliard dollars, and ALROSA gets the rest of 0,11 milliard euro, while total range of IPO could be 0.9 milliard euro, as estimated by Oleg Petropavlovsk from Financial group BKS. The price of one share as a part of public offer could be 40-42 roubles (0.91-0.96 euro), as predicted by Sergej Gorjainov from agency  “Rough & Polished”.

Current share holders are against the sale of big package of shares to strategic share holders, says Gorjainov. Many investors, among others big Chinese jewelry producer, Chinese funds and diamond producer “De Beers”, were interested  for buying bigger  packages of shares.

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