Qiwi PLC payment system intends to place the second part of depositary shares on the exchange. Experts and traders were waiting for this step, so the news on the market did not cause any hype. The value of the shares is estimated at approximately $ 280 million. The company itself will not receive funds from their sale, and Qiwi shareholders can earn $ 279.1 million in SPO.
Shareholders of the Qiwi PLC processing company, which owns the payment system of the same name, plan to float 8,197,866 American Depository Shares (ADS) on the exchange, for which the same number of ordinary Class B shares are held. According to the US Securities and Exchange Commission, underwriters are given the option to oversubscription of 1.229 million subscriptions. The only bookrunner is Credit Suisse, writes Expert.ru.
The company’s prospectus says that Japan’s Mitsui should become the largest seller of securities: it is ready to sell 3.5 million shares of its existing 5.74 million to investors. If demand exceeds supply, the organizing banks will have the right to redeem from shareholders and replenish an additional package ADS, then Mitsui will sell a total of more than 4 million shares and its stake in Qiwi (in votes) will decline from the current 14.4 to 5.9%, Vedomosti noted. Continue reading