PJSC “Smarttechgroup” (STG), the parent company of the fintech service CarMoney (LLC IFC ” Karmani ”) will decide on a direct listing on the Moscow Exchange instead of an initial public offering (IPO). This statement was made in a press release from the company. STG plans to start trading its securities on the Moscow Exchange from July 3, 2023 under the ticker CARM, with IFK Solid JSC as the placement organizer.
During the listing, shares of two shareholders for a total of 600 million rubles will be placed. To do this, Anton Zinoviev (founder) and Sergey Sitnikov (shareholder) will provide their shares as clarified representative of Vedomosti. After the listing, it is also planned to issue additional shares for a total of 600 million rubles. If the issue of additional shares is fully implemented, taking into account the current minority shareholders, the share of freely traded shares on the market (free-float) could be about 20%. The proceeds from the sale of shares will be used to expand lending.
The broker’s representative said that the expected value of the company, taking into account the expected funds raised, will be 7.9 billion rubles.
A company representative told Vedomosti that the traditional collection of applications is not expected. Instead, shareholders will provide their shares to a specialized structure on a temporary basis, which will then list these shares on the stock exchange and sell them on a ladder basis, that is, with a gradual increase in the volume and value of shares at each stage. This will allow investors participating in the early stages to purchase shares at a lower price, as well as avoid selling all shares at a floor price.