March 23, 2010

Russian seafood producer seeks to raise US$200 million in IPO

Russian Sea Group, a fish and seafood producer, is looking to sell shares worth up to US$200 million in an initial public offering on Moscow's stock exchanges, the company said Monday (March 22).

Russian Sea Group will sell existing treasury shares to the public. Shareholder Corsico Ltd. then plans to buy new shares in the company through a closed subscription.

Proceeds from the IPO will be used for the company's production facility, fish farming and repayment of some debt, it said.

According to the statement, Renaissance Capital and VTB Capital are organising the issue.