PJSC Glorax has completed the initial public offering of ordinary shares. This is stated in the company's message.
The size of the IPO was 2.1 billion rubles. The price of one share in the placement was 64 rubles, which corresponds to the company's market capitalization of about 18.1 billion rubles, taking into account the additional issue of shares.
According to the results of the placement, the share of shares in free float is about 11.6% of the increased share capital of the company, excluding the results of stabilization.
The placement consisted exclusively of shares issued by the company as part of an additional issue (cash-in). The funds raised during the IPO will be used to implement a long-term growth strategy and further develop the company, reduce the debt burden, as well as other corporate goals.
As part of the placement, a stabilization mechanism was structured in the amount of about 15% of the base IPO size, which will be valid for 30 days after the start of trading on the Moscow Stock Exchange.
For investors who participated in the IPO and continuously owned shares until the end of the period consisting of 365 calendar days from the start of trading, the control period and the acceptance period, an irrevocable public offer for the repurchase of shares is provided at a price equivalent to the placement price of +19.5% if the share price is lower than the IPO price in a year. To a limited extent, the offer also applies to Shares purchased within 30 calendar days after the start date of trading.
The Company, the current shareholders and their affiliated persons, as well as the management, within the framework of the current long-term incentive program, assumed obligations related to the restriction on the alienation of shares (lock-up period) for a period of 180 days from the date of the beginning of trading in shares on the Moscow Stock Exchange.
Trading in the company's shares will begin today, October 31, 2025, under the ticker GLRX and ISIN RU000A10CRQ4. The company's shares are included in the second quotation list on the Moscow Stock Exchange.
The deal did not provide for priority allocation to certain groups of investors, including employees and partners of the company.
Glory is a developer specializing in the construction of residential complexes, commercial real estate and social facilities. Glorax was founded in 2014 by Andrey Birzhin, former co-owner of the Tekta Group. The geography of the company's activities covers Moscow, Yaroslavl, St. Petersburg, Leningrad region, Nizhny Novgorod, Kazan.
In the first quarter of 2025, the volume of concluded contracts increased by 31% year-on-year to 25.6 thousand square meters from 19.5 thousand square meters a year earlier. In monetary terms, real estate sales increased by 41% and reached 6.5 billion rubles against 4.6 billion rubles. The average price per square meter of apartments and apartments increased by 12% to 262 thousand rubles from 234 thousand rubles.
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