MOSCOW, Sept 17 (Reuters) - The majority of orders for a 7.6 percent stake in Sberbank, being sold by the Russian state in a $5 billion-plus secondary offering, are coming in at around 93.5 roubles per share or higher, market sources said on Monday.
“Some of the orders are coming at the market level, for the rest a price is forming at around 93.5 roubles,” one of the sources involved in the placement told Reuters.
Russia launched the long-awaited stake sale to reduce its stake to 50 percent plus one voting share, setting a minimum price for the 1.7 billion shares on offer at 91 roubles - a 6 percent discount to Friday’s close of 97.05 roubles.
The stock traded at 95.46 roubles on Monday, down 1.6 percent. Sberbank is running a three-day offering but books are likely to close early on the deal, with sources saying the order book was covered by between one-third and one-half already.