RUSSIA: Abrau Durso begins public flotation
Abrau Durso has floated on the Moscow Stock exchange today (11 April).
Shares in Russia's oldest sparkling wine house are being offered at RUB5,324 (US$179.34) each. Speaking to just-drinks, company director Pavel Titov said that the firm hopes to sell a 10% stake, depending on initial demand for the stock.
“Our goal is to raise approximately US$15m, the capital will be used to fund our tourism and production expansion projects”, Titov said.
Abrau-Durso currently produces 18m bottles of sparkling wine per year, with a projected increase to 36m bottles per annum in the next five years.
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