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Published: 27 november 2012 09:44

Inter RAO Lithuania to offer up to 20 percent of its authorized capital through IPO

„Reuters“/„Scanpix“ nuotr. / Birža

Inter RAO Lietuva, Lithuania’s largest electricity supplier controlled by Russia’s energy giant Inter RAO, will offer up to 20 percent of its authorized capital to investors during the initial public offering (IPO).

On Friday, the Bank of Lithuania approved the IPO prospectus of the company, which plans to list its shares on the Warsaw Stock Exchange (WSE).

Lithuania’s investment company Scaent Baltic will offer up to 4 million litas (EUR 1.16m) worth (at par) of its shares in Inter RAO Lietuva during the IPO. The maximum sale price has been set at 6.55 euros per share, according to the IPO prospectus.

The shares in Inter RAO Lietuva will be offered to investors in Lithuania and Poland. If the IPO is successful, the company will be listed on the WSE.

The IPO and Warsaw listing costs are expected to reach some 2.2 million euros. Hence with all shares sold at the maximum price, Scaent Baltic would raise some 24 million euros through the IPO.

Inter RAO Lietuva and Scaent Baltic plan to share the IPO and Warsaw listing costs in equal parts.

Subscription for shares for retail investors will take place between 27 November and 7 December, and for institutional investors, between 5 and 7 December. The final sale price and preliminary distribution of shares among investors will be established and published on 10 December at the latest.

The final number of shares to be sold through the IPO and their distribution among retail and institutional investors will be unveiled on 12 December. Trade in the company’s shares on the WSE is expected to be launched on around 18 December.

The IPO is being arranged by the financial brokerage company Orion Securities, which is part of Scaent Baltic group. Legal services are provided by international corporate law firm Baker & McKenzie.

Scaent Baltic owns 49 percent of shares in Inter RAO Lietuva, and RAO Nordic, a company controlled by Russia’s state-owned energy giant Inter RAO, owns the remaining 51 percent of Inter RAO Lietuva’s authorized capital of 20 million litas. If the IPO is successful, Scaent Baltic‘s stake in Inter RAO Lietuva will decline to 29 percent.

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