OREANDA-NEWS. July 12, 2012. Belarus’ state-owned food industries concern Belgospischeprom suggests OJSC Minsk Sparkling Wines Plant should opt for a follow-on offering to sell Br12.9 billion (USD 1.556m) worth of shares, which are left over following the company’s recent IPO move.

Sergey Bubenko of Belgospischeprom made a statement to this effect at a press-conference on Tuesday.

In his opinion, the follow-on offering will enable the sparkling wines plant to draw more investment funds and will stimulate the country’s stock market.

Shares available for sale within the framework of the follow-on offering will be sold at their market price without restrictions, Bubenko said.

As previously reported, OJSC Minsk Sparkling Wines Plant sold 164,704 shares at the Belarusian Currency and Stock Exchange from May 2 to June 15, 2012 to the tune of 28.239 billion Belarusian rubles (USD 3.4m), which makes 68.63% of the company’s investment portfolio.

OJSC Minsk Sparkling Wines Plant held people’s IPO on May 3 – June 15, with a 33% state-owned stake put up for sale (the company is fully owned by the state).

The IPO allows individuals to take part, with a limit of 1,000 shares per investor. The company is set to sell 240,000 shares priced at Br171,450 each (USD 21.4). Belarusbank and Belgaprombank are chosen to act as investment brokers. The funds raised as a result of the IPO will go to pay off loans borrowed by Minsk Sparkling Wines Plant to finance reconstruction activities.