BNY Mellon has been selected by Etalon Group for its global depositary receipt (GDR) initial public offering.
Etalon Group is one of Russia’s largest and oldest residential real estate developers. The company’s portfolio is focused on large-scale residential complexes, targeting the lower middle class and upper economy class price segments.
“There have been four DR capital raisings out of Russia this year totaling more than $4 billion, with Etalon Group the largest IPO so far,” says Michael Cole-Fontayn, CEO of BNY Mellon’s Depositary Receipt Division. “We will bring our successful history of working with Russian depositary receipt issuers to support Etalon’s efforts to expand its profile among global investors.”
Each Etalon GDR represents one equity share. The shares trade on the London Stock Exchange under the symbol “ETLN.” The Etalon GDRs and equity shares have not been registered under the US Securities Act of 1933 and may not be offered or sold in the US, absent registration or an applicable exemption from the registration requirements.
“It’s an exciting time for us, given the land sourcing opportunities in Russia and expansion capital that we have raised,” said Dmitri Boulkhoukov, head of investments at Etalon.
BNY Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries.
(CG)