The stock of the leading consumer electronics retailer Utinet.ru that was introduced last week on MICEX, one of the two Moscow stock exchanges, didn’t attract much investor interest during its first days of trading. This Monday the volume of trading of Utinet.ru stock totaled just 3.7 million rubles, or slightly over $130,000, while the offer of stock outpaced the demand for it.
Utinet’s bid book, which was open from July 5 to July 19, had been oversubscribed by nearly 230% at the upper band of the price range – 195 rubles, or almost $7 per share – the company announced. A total of 2 million common shares were floated, which represents 10% of its charter capital. The company’s market capitalization totals 3.9 billion rubles, or $139 million, with proceeds from the IPO amounting to 390 million rubles, or $13.9 million.
During the debut trade session, the price of the stock soared to 250 rubles. However, during the following week, the minimum price fell several times below 180 rubles per share. Currently, the stock is being traded around 180 rubles per share, or some 8% below its original value.
Source: RBC Daily
