Russian gold producer GV Gold has decided to postpone its IPO on the Moscow Exchange (MOEX) due to high market volatility, the company said in a statement on March 29.
GV Gold’s CEO Vladislav Barshinov said: "We have taken the decision to put the IPO on hold in light of elevated levels of market volatility in both the global and Russian capital markets.”
Barshinov added that the company still plans to float when market conditions improve.
GV Gold released its IPO price guidance of RUB1,650–RUB2,050 ($21.86-27.16) per share on March 23 and intends to offer around 37% of the shares for sale.
The company is a top ten Russian gold producer and the fastest growing company in the sector, as profiled by bne IntelliNews in the middle of March before the IPO announcement was made.
International markets have been unsettled by a number of factors, including fears of new harsh sanctions on Russia by the US that caused a sell-off of Russian securities last week and also caused the Ministry of Finance to cancel its weekly OFZ bond auction.
Turkey’s ballooning crisis following the sacking of the central bank governor has also unsettled investors and increasingly is affecting other markets like Russia.
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