Russian state shipowner Sovcomflot (SCF Group) has $550m to spend after finally completing a long-planned initial public offering (IPO) in Moscow on Wednesday.
The company sold more than 408m new shares at RUB 105 ($1.34) each, the bottom end of the indicated range of between RUB 105 and RUB 117.
Trading began on Wednesday and the price dropped below the offer level to RUB 98, underperforming the benchmark Moscow index.
