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15.04.2010

Russian Drug Company Protek Sets Price Range For MICEX, RTS IPO

Russian drug group OAO Protek Wednesday set the indicative price range for its initial public offering from $3.10 to $4.50 a share, adding that it expect to sell $400 worth of stock. Around half of the sum raised will go to existing shareholders.

Protek has received permission from Russian regulators to list 117.5 million shares, representing a fifth of its post-issue capital, which would imply a valuation of $2 billion for the group.

The company had revenue of 91.58 billion rubles ($3.01 billion) in 2009, with earnings before interest, depreciation and amortization of RUB5.84 billion.

Protek is Russia's largest distributor of pills and medicine--accounting for just over a fifth of that market.
The offering is being organized by UBS Investment Bank and Moscow-based Renaissance Capital.


Source:  www.easybourse.com

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