MTS Bank IPO double oversubscribed — source
It became known on April 12 that MTS Bank was to hold its IPO on the Moscow Exchange, following which Russian mobile operator MTS would keep its majority stake in the bank’s equity
MOSCOW, April 19. /TASS/. MTS Bank IPO bid book was double-oversubscribed within hours, a source in the financial market told TASS.
"MTS Bank IPO bid book was oversubscribed twofold within just hours after the opening. High interest is seen from both institutional and individual investors," the source said.
It became known on April 12 that MTS Bank was to hold its IPO on the Moscow Exchange, following which Russian mobile operator MTS would keep its majority stake in the bank’s equity.
The bank announced earlier today that the price range per stock will be 2,350 rubles to 2,500 rubles ($25.24-$28.78), which will make the company's market capitalization around 70.6 bln rubles to 75.1 bln rubles ($758.2 mln - $806.6 mln), net of funds to be raised in the IPO. Investors' bids are being collected from today, April 19, 2024 through April 25, 2024.
MTS Bank is among top forty Russian banks in terms of the asset value.