Russian residential property developer Etalon Group was admitted to trading on London Stock Exchange on Wednesday. Over 94 million of the company's shares in the form of global depository receipts (GDRs) are listed on LSE's Main Market following a EUR 398 mln IPO last week.
Russian residential property developer Etalon Group was admitted to trading on London Stock Exchange on Wednesday. Over 94 million of the company's shares in the form of global depository receipts (GDRs) are listed on LSE's Main Market following a EUR 398 mln IPO last week.
Etalon joins a number of other Russian developers, such as AFI Development, Sistema-Hals and PIK Group, who are listed in London via GDRs.
Etalon describes itself as one of Russia's largest residential real estate developers. At end-December 2010, the company's portfolio comprised 28 projects with a total of 3.13 million m2 of unsold net sellable area (NSA) in the St. Petersburg and Moscow Metropolitan Areas. The Company’s two largest projects by size are the 868,034 m2 NSA Emerald Hills development in the Moscow Metropolitan Area and the 601,758 m2 NSA Jubilee Estate development in the St Petersburg Metropolitan Area.
The developer posted revenues of RUB 20.3 bn (EUR 499 mln) and EBITDA of RUB 6.9 bn.
