The Kremlin’s DOM.RF State Corp raises RUB 25bn via IPO on the local stock exchange

The IPO placement took place at the maximum stated asking price per share – 1,750 rubles. The free float now stands at 10.1%, reducing the state's stake to 89.9%. Nearly 70% of the raised funds came from institutional investors, while 30% originated from retail investors. This placement valued the capitalization of the state-owned company at 315bn rubles. Its shares, now publicly trading on the MosEx under the DOMRF ticker, have been included in the exchange's Level 1 quotation list. Commenting on the DOM.RF's IPO, Vitaly Mutko, the state corporation’s CEO, noted the interest of several major funds in acquiring stakes in the company. DOM.RF has opened a new chapter in its history and the history of the entire Russian stock market. The IPO is a critical part of the company's development strategy, which will ensure dynamic business growth, boost shareholder value and the development of the Russian housing sector, he added. The Dom.RF’s IPO is the first privatization deal on the Russian Finance Ministry's list scheduled between now and 2030, Finance Minister Anton Siluanov, noted, speaking at the shares trading opening ceremony on the MosEx. This IPO deal has demonstrated that the Russian public equity capital market is an accessible source of investments for state-owned companies and, therefore, will certainly encourage other local corporations to follow suit - undergo IPOs, raise extra growth funds from the general public and participate in the local equity capital market, the finance minister noted.