The ongoing sanctions following Russia's invasion of Ukraine in 2022 have not entirely dampened the prospects for initial public offerings (IPOs) of Russian companies, as evidenced by recent listings in 2023. Companies such as Whoosh and TMK, which heavily relied on Russian retail investors for capital, have managed to navigate through the challenging circumstances.
On Monday, TMK, a major player in the Russian market, raised $40.7 million through a secondary public offering. This was achieved despite the withdrawal of Western bankers and lawyers due to the geopolitical tensions.
Meanwhile, Astra Linux, another company impacted by the sanctions and valued at $152.7 million, is eyeing mergers and acquisitions opportunities with its upcoming IPO. The company plans to allow existing shareholders to offer shares, resulting in a 5% free-float. This move comes as Astra Linux grapples with the loss of access to Western technology due to the sanctions.
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