Russian real estate developer Pik Group is planning to spend the proceeds raised through its share listing last June on acquiring new projects and repaying some of its debt, the firm's president said on Monday in an interview with business newspaper Vedomosti. Kirill Pisarev added that the company had already purchased plots of land in Moscow and the towns of Svetlogorsk and Kaluga. Pik Group's borrowings have been reduced from $1 bn (EUR 742 mln) to $800 mln (EUR 593 mln) after its Initial Public Offering (IPO), according to Pisarev. The Russian developer raised $1.8 bn in Europe's largest IPO ever by a real estate firm. Pik Group's shares were placed at $25 per share, reflecting a capitalisation of $12.3 bn.
Russian real estate developer Pik Group is planning to spend the proceeds raised through its share listing last June on acquiring new projects and repaying some of its debt, the firm's president said on Monday in an interview with business newspaper Vedomosti. Kirill Pisarev added that the company had already purchased plots of land in Moscow and the towns of Svetlogorsk and Kaluga. Pik Group's borrowings have been reduced from $1 bn (EUR 742 mln) to $800 mln (EUR 593 mln) after its Initial Public Offering (IPO), according to Pisarev. The Russian developer raised $1.8 bn in Europe's largest IPO ever by a real estate firm. Pik Group's shares were placed at $25 per share, reflecting a capitalisation of $12.3 bn.