Tepid launch for Sovcomflot's long-awaited IPO

Sovcomflot, Russia's top shipping line, had a tepid launch yesterday on the Moscow Stock Exchange.

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The company’s shares fell after the long-awaited initial public offering, which was priced at the lower range of its range.

Sovcomflot officials say some of the $550m raised from the listing will go on bolstering its fleet as well as pursuing decarbonisation strategies.

Igor Tonkovidov, president and CEO of Sovcomflot, said:

“Through the IPO, we have gained access to equity capital as another source of finance to further advance our business.”

The IPO of Sovcomflot is the first IPO in Russia since 2017 outside the technology sector and the first Russian state-owned company IPO since 2013.