04 Oct 2021
Sova Capital acted as a Joint Bookrunner for the successful public offering of quasi treasury ordinary shares by PIK Group, one of Russia’s leading tech-enabled real-estate developers.
In its largest in 10 years equity offering, PIK raised approximately RUB 35.9 billion with books being significantly oversubscribed. The transaction has attracted high levels of interest from a wide range of international and Russian institutional and retail investors.
Alina Sychova, Head of Capital Markets Origination at Sova Capital, said:
“We’re delighted to support PIK Group, one of Russia’s most successful and innovative developers, in raising funds to fuel the company’s future growth strategy and increase stock-market liquidity. The strong demand that this transaction attracted from a wide and deep pool of investors again underscores the strength of Sova Capital’s ECM franchise, with deep market expertise that enables our clients to ensure a high-quality book.”
PIK plans to use the funds from the SPO to pay down debt and to fund future growth, including the expansion of its innovative Construction Technologies and Property Technologies segments.