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Financial Corporation "Sistema"

April 28, 2021

Segezha Group announces pricing of ipo and listing on Moscow Exchange

Sistema PJSFC (Sistema, the Corporation or, together with its subsidiaries and affiliates, the Group) (LSE: SSA, MOEX: AFKS), a publicly traded Russian investment company, notes the announcement by its subsidiary, Segezha Group PJSC (Segezha Group or the Company) regarding the final offering price in respect of its initial public offering (the Offering Price) and listing of ordinary shares on Moscow Exchange.

  • The Offering Price has been set at RUB 8 per Offer Share.

  • The Offering consists of an offering of 3,750,000,000 New Shares, representing 31.4% of Segezha Group current share capital. Based on the Offering Price, total gross proceeds to the Company from the IPO are RUB 30 billion.

  • Sistema has granted Renaissance Capital as Stabilization Manager an over-allotment option (the Over-Allotment Option) to purchase shares in the amount equivalent to up to 15% of the total number of New Shares (the Over-Allotment Shares). The Over-Allotment Option is exercisable for a period of up to 30 days from 28 April 2021.

  • Based on the Offering Price, Segezha Group total market capitalization on a post-money basis will be RUB 125.5 billion. Upon completion of the IPO, Segezha Group will have a free float of 23.9%, while Sistema will retain a 73.7% ownership stake, assuming no exercise of the Over-Allotment Option.

  • In connection with the Offering, the Company, certain directors and Sistema and its affiliates holding the Company shares have agreed, subject to certain exceptions, to customary lock-up arrangements restricting the disposal of the Company securities for a period of time following the Offering (180 days for the Company, Sistema and its affiliates holding the Company shares, and 365 days for the above-mentioned directors).

  • Trading in ordinary shares of the Company is expected to commence today on Moscow Exchange under the ticker SGZH.

Vladimir Chirakhov, President of Sistema, said:

We are delighted with the success of Segezha Group offering, and welcome the expanded group of shareholders to this highly attractive business. Today, the Company begins a new chapter in its history with a successful IPO that attracted a diversified book of leading institutional investors from Europe, the UK, the US, and Asia, alongside strong demand from domestic institutional and retail investors.

Segezha Group success illustrates the transformative value that Sistema brings to the assets in its portfolio. Today Segezha Group becomes the fourth Sistema portfolio company currently traded on the public markets, alongside Ozon, MTS and Etalon Group.

Sistema has maintained a majority stake in Segezha Group and believes that significant further potential remains to be unlocked. The Company is well positioned to continue its growth by capitalizing on its vertically integrated business model, market leadership in key products, advantageous cost base and robust project pipeline.

Full text of the announcement is available at Segezha Group website


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Nikolay Minashin

Phone: +7 (495) 730 66 00

Press Service

Sergey Kopytov

Phone: +7 (495) 228 15 32





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