Russian Alrosa Diamond Company successfully IPO
According to the Otis news agency on October 28th, Alrosa Diamonds, the world's largest diamond producer, successfully completed its initial public offering (IPO) through the Moscow Stock Exchange. The company sold 16% of its shares at a price of 35 rubles each, raising approximately $1.3 billion. This marked the largest share issue in the history of the exchange. Over 80% of the shares were purchased by foreign investors, with Russian investors holding 14%, including significant stakes from global investment firms like Oppenheimer and Lazard, each acquiring 2% of the shares. The Russian government, which currently holds a majority stake, plans to reduce its ownership to 25% plus one share by 2016 as part of its ongoing strategy to liberalize the sector and attract more international capital. This move is seen as a major step toward increasing transparency and opening up the country's diamond industry to global markets.
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