VTB's GDRs Open 8.4% Above Offering Price in London Trading

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Global Depositary Receipts (GDRs) floated by Russia's second largest bank Vneshtorgbank (VTB) opened 8.4% above the price of its global offering on the London Stock Exchange (LSE), the international trading floor said Thursday, cited by RIA Novosti.

As of 08:16 a.m. London time, VTB's papers fetched $11.45 per GDR against the offering price of $10.56 set by the bank's supervisory board, with each GDR representing 2,000 shares, the LSE said.

State-controlled VTB floated 1,513 billion newly issued ordinary shares in the global offering, representing 22.5% of its enlarged share capital and implying a post offering market capitalization of $35.5 billion, the bank earlier said.

VTB, which floated 65% of its global offering in London and 35% in Russia, intends to use the proceeds largely to support the ongoing expansion of its business, including the expansion of its retail banking operations in Russia, the bank said.

After the global offering, the Russian government's stake will drop from 99.9% to 77%.

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