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Tepid launch for Sovcomflot’s long-awaited IPO

Sovcomflot, Russia’s top shipping line, had a tepid launch yesterday on the Moscow Stock Exchange.

The company’s shares fell after the long-awaited initial public offering, which was priced at the lower range of its range. 

Sovcomflot officials say some of the $550m raised from the listing will go on bolstering its fleet as well as pursuing decarbonisation strategies. 

Igor Tonkovidov, president and CEO of Sovcomflot, said: “Through the IPO, we have gained access to equity capital as another source of finance to further advance our business.”

The IPO of Sovcomflot is the first IPO in Russia since 2017 outside the technology sector and the first Russian state-owned company IPO since 2013.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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