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24 March 2015

Five Biggest Investors Bought 75% of Lenta GDRs: VTB Capital’s Khisamova

Hedge funds bought 20% of shrs, long-term investors bought 80% of shrs, Elena Khisamova, Head of Equity Capital Markets at VTB Capital, says in phone interview.

4 anchor investors participated in deal, 3 of which had been shareholders in Lenta since IPO; anchor investors stimulated demand from others.

More than 50 investors bid in SPO.

Overnight accelerated bookbuilding is “most effective” method of minimizing price-volatility risk Magnit’s SPO in Feb. gave “confidence” to “many” cos in equity deals.

Lenta decided to sell new shrs to partially repay most expensive loans and increase investments in business expansion, growth.

High borrowing rates in debt mkt currently “eat up” large part of margin, cos are interested in   aintaining free-float for their business development.

Corporate Communications VTB Capital