OREANDA-NEWS. OAO ARMADA is pleased to announce the successful completion of the initial public offering (IPO) of its shares on the MICEX and RTS today.
Under the capital increase program, Armada has issued a total of 2 million ordinary shares, representing 20% of the share capital of the company. The shares were offered to a wide range of investors at an open subscription at RUR380 per share. According to orders submitted by investors to Aton Broker, which acted as the lead manager of the offering, the share issue was 9.5 times oversubscribed, with total demand reaching RUR7.22bn.

The company attracted RUR760m (approximately $29.8m) in IPO proceeds, which brings the current market capitalization of Armada to RUR4.56bn (about $179m). It is planned to use the proceeds of the offering for acquisitions, primarily in the area of IT services.

“We are pleased with the IPO results, which enabled us to raise the necessary funding for further development of the company, - said ARMADA Chairman Dmitry Belik. – We would like to thank Aton Broker and the stock exchanges for their highly professional work”.

The shares of the additional issue were included in the "I" quotation list on MICEX and trade in the Innovative and Growth Companies Sector (IGC Sector). The shares were also included in the “I” quotation list on RTS and trade in the RTS START Segment.