Russian gold miner Uzhuralzoloto (UGC) will offer up to 5% of capital in new shares in an initial public offering (IPO) on the Moscow Exchange, the company said on Thursday, a day after Britain added its owner Konstantin Strukov to a sanctions list
Russian share listings have been few and far between since Russia sent its troops into Ukraine in February 2022, and are generally characterised by small volumes and dependent on Russian investors after an exodus of Western capital
UGC, which is Russia's fourth largest gold miner, said it was considering completing the IPO by the end of November and was preparing a new dividend policy that may see it pay up to 50% of profits to shareholders
Alfa Bank analysts valued UGC's share capital at 140
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