Russia’s state savings bank, Sberbank, will raise an estimated $8.8 billion from the domestic sale of shares, according to a government spokesman.
The sale, which closed yesterday, had been expected to raise $12 billion, but raised less after the decision to limit the availability of shares to within Russia.
This resulted in decreased demand and the shares were listed at 4 per cent less than the listed market price.
Sberbank’s sale was nonetheless the largest offering for a Russian business since Rosenft, the state oil company, was offered on the London Stock Exchange and pulled in $10.6 billion in July of last year.
“Mission accomplished – this is the first and biggest placement for a Russian bank,” says Sberbank chief executive officer Andrei Kazmin.