PSB sets ‘compelling’ range

02 Oct 2012

Russia’s Promsvyazbank is offering shares in a range that values the lender at as little as 0.73 times its 2012 book value, half the price of market leader Sberbank.

PSB set a price range of $10-$12 a GDR for its offer of up to 30m GDRs on Wednesday. The deal will put 19%-20% of the bank into free float, with a secondary greenshoe of 15% of the deal size adding to that.

The valuation at the bottom of ...

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