Russian Alrosa Diamond Company successfully IPO
According to a report from the Otis news agency on October 28, 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 35 rubles each, raising approximately $1.3 billion. This marked the largest share issuance in the history of the Moscow Exchange. Over 80% of the shares were purchased by international investors, with Russian investors holding 14%. Among the foreign buyers, Oppenheimer and Lazard each acquired 2% of the shares. The Russian government, which currently holds a significant stake in Alrosa, plans to reduce its ownership to 25% plus one share by 2016 as part of its broader strategy to liberalize the country's diamond industry. The IPO is seen as a major step toward increasing transparency and attracting global capital into Russia's resource sector. Analysts believe this move could also pave the way for future listings of other state-owned enterprises.
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