Softline plans to raise $ 400 million during the IPO

by time news

IT-company Softline has determined the parameters of the initial public offering (IPO) on the London Stock Exchange (LSE) and the Moscow Exchange. The offer price will be $ 7.5 per Global Depositary Receipt (GDR), which is the lower price range for the placement. The company will place over 53.3 million shares. As a result of the deal, Softline hopes to raise $ 400 million.

The funds will be used to finance mergers and acquisitions, part of the funds will also be directed to general corporate purposes, the company said.

Trading in Softline GDRs began on the LSE at 10:00 Moscow time, as of 12:17 the price per share was $ 7.38. The beginning of trading on the Moscow Exchange is scheduled for November 1. The company’s message says that the trading floor has included the company’s GDRs in the first level of the list of quoted securities.

In addition to the new GDRs, the current shareholders of the company will present 8 million of already issued GDRs as an additional placement option. The selling shareholders are directly the Softline Group of the founder of the company Igor Borovikov, as well as investment funds Da Vinci Private Equity Fund, Investment Partnership Da Vinci Pre-IPO Fund and Zubr Capital Fund. Selling shareholders and some other shareholders of the company will not be able to sell shares for 180 days after the IPO. For Softline’s management, this period will be 360 ​​days.

Softline was founded in 1993, and two years later it became an authorized Microsoft partner. The company has representative offices in more than 50 countries, including the USA, Eastern Europe and Asia. The company is engaged in IT services and cybersecurity. The company announced plans to hold an IPO in September, Forbes wrote. IT solutions provider Softline first announced its plans to hold an IPO in Moscow and London at the end of September.

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