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Russian developer PIK Group raises $1.85 bln at IPO

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MOSCOW, June 1 (RIA Novosti) - PIK Group, a leading Russian real estate developer, raised $1.85 billion on Friday at an IPO, the company said in a news release.

The offering is by far Russia's largest for a real estate company, despite shares being offered at the lower end of the group's guideline price bracket.

"On the basis of the placement price [$25 per share], PIK's market capitalization could reach $12.3 billion," the press release said after the IPO.

The developer, a leading builder of apartment blocks in Moscow which has seen housing prices skyrocket in recent years, said its shares would start trading on the London Stock Exchange under the PIK ticker on about June 6, and on Russia's bourses, the RTS and MICEX, around June 11, with the ticker PIKK.

Founded in 1994, PIK Group focuses on the development of residential real estate, mortgage financing, construction and the production of construction materials.

The Group's revenue last year leapt 90% to $1.5 billion, with EBITDA at $486 million, and net profit reaching $298 million.

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