22:20 GMT +322 October 2019
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    Pit of the Titimukhta gold ore deposit, which is owned by Polyus, a subsidiary of Russia's biggest gold mining company Polyus Gold

    Russian Miner Polyus Gold's Secondary Offering Attracts Long-Term Investors

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    Long-term investors have purchased most of the Russian Polyus gold producer's secondary public offering shares, nearly half of them from the United Kingdom followed by one-fifth from North America, one of the offering's organizers told Sputnik.

    MOSCOW (Sputnik) Polyus' nine-member board of directors valued its follow-on offering of 28.594 million shares at $66.5 per share, according to its documents.

    "Most of them were long-term investors. They accounted for almost 80 percent of all allocations, including sovereign funds, which accounted for slightly less than 10 percent," VTB Capital equity capital markets director Boris Kvasov said Friday.

    Nearly half of the Polyus stock was sold to UK-based investors, followed by Canada and the US at nearly 20 percent, with Russia and continental Europe at around 10 percent, Kvasov said. Investors from the Middle East bought less than 10 percent of Polyus shares, while Russian pension funds taking part in the placement bought less than 1 percent.

    "Based on the results of the offer, more than 80 institutional investors bought shares. Around 60 percent of the offer accounted for the top 10 allocations," he said.

    A consortium of international investors formed by the Russian Direct Investment Fund (RDIF) with sovereign funds from the Middle East took part in the Russian Polyus gold producer's secondary public offering, RDIF said.

    Polyus' nine-member board of directors valued its follow-on offering of 28.594 million shares at $66.5 per share, according to its documents.

    "Investors from countries including the United Arab Emirates, Qatar, Kuwait and Bahrain took part in the placement of PJSC Polyus shares," RDIF said.

    One of the offering's organizers told Sputnik earlier in the day that nearly half of the Polyus stock was sold to UK-based investors, followed by Canada and the United States at nearly 20 percent, with Russia and continental Europe at around 10 percent.

    Investors from the Middle East bought less than 10 percent of Polyus shares, while Russian pension funds taking part in the placement bought less than 1 percent, VTB Capital equity capital markets director Boris Kvasov said.

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