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"Sovcomflot launches IPO

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"Sovcomflot launches IPO

Russian shipping company Sovcomflot has announced plans to conduct an initial public offering (IPO) of the company's shares. The placement will take place on the Moscow Stock Exchange.

The company's CEO Igor Tonkovidov said that this will enable Sovcomflot to strengthen its position as a world leader in offshore hydrocarbon transportation and at the same time increase its access to international capital markets.

The company expects the net proceeds from the IPO to be at least $500mn, which will be used for general corporate purposes, including investments in new industrial projects, decarbonisation and subsequent reduction of the debt burden.

At the moment, the company is fully owned by the Russian Federation. After the IPO, the government will remain the major shareholder.

The Company's fleet includes almost 150 vessels with total DWT of 12.6 mln tons. The shipbuilding orders portfolio includes 24 vessels with total DWT of 2.3 mln tonnes.

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Author: Ksenia Gustova

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