Russian Nautical Technologies makes its IPO on the MICEX
July 07, 2010
Russian Nautical Technologies Company made an initial public offering of its shares in the MICEX Market for Innovations and Investments (MICEX MII) on July 7. In the course of the placement, 3.520.000 common shares (18.03% of the Company’s share capital after an additional issue) were sold at the price of USD 85.23 per share. The volume of placement amounted to 300.009.600 rubles. Based on the offering price, the Company’s capitalization after the additional issue will be 1.663 billion rubles (53.66 million US dollars). Shares in RNT have been admitted to trading on the MICEX since July 8, 2010. The issuer’s trading code is RNAV, the short name of the securities is iRNT. OTKRYTIE Investment Bank acted as the organizer of the public offering, Finam and Alor Invest investment companies acted as co-organizers.
The book of orders was opened from June 18 to July 6. Any private or institutional investor could buy shares in RNT through subscription.
Summing up the results of the offering, Boris Satovsky, CEO and shareholder in RNT, said: “The funds received by the RNT will be invested in accordance with the approved development strategy. We announced this strategy while preparing for the IPO. Our priorities include strengthening our position in promising market segments, which are government contracts, small and medium-sized businesses. Besides, we are focused on international expansion and the development of new technologies.”
Brief information:
Russian Nautical Technologies (www.autotracker.ru) is Russia’s largest producer and integrator of systems for monitoring, control and telematics. The Company has a well-developed structure that includes departments for the development of electronics and software, logistics, marketing, technical support, as well as a manufacturing and assembly unit. The Company’s dealers are present in 40 regions of Russia. RNT operates in the rapidly growing high-tech market for satellite navigation systems. The Company accounts for 23% of the market for satellite navigation systems of Russia’s transport in terms of the volume of installed equipment. In 2009, according to the Company’s audited consolidated financial statements prepared under IFRS, Russian Navigation Technologies’ revenues increased by 50% to 210.186 million rubles. The largest shareholder in RNT is a venture fund managed by VTB Asset Management.
On July 7, RNT made its IPO in the MICEX Market for Innovations and Investments. OTKRYTIE Investment Bank acted as the organizer of the public offering, Finam and Alor Invest investment companies acted as co-organizers.
The Market for Innovations and Investments (MII) is a project to create an on-exchange market for high-tech companies. The project is being implemented jointly by the MICEX and RUSNANO Corporation. The Market for Innovations and Investments has three main segments, intended for companies with different degrees of maturity and capitalization, as well as different groups of investors:
• IGC Sector: enables innovation companies to make public offerings (IPO/SPO) and admit securities to secondary trading in all modes of trading on the MICEX.
• IGC Sector-2: enables private placements using exchange technologies and listing. Secondary treatment is held among qualified investors in the framework of trading technologies intended for trading in large blocks (negotiated deals).
• MICEX-board: a mode aimed at creating mechanisms helping innovation companies to attract investments in the early stages of their development.