Evropeiskaya Elektrotechnica Shares Demonstrate Growth in First Day of Trading
Evropeiskaya Elektrotechnica Shares Demonstrate Growth in First Day of Trading
Trading of PJSC Evropeiskaya Elektrotechnica shares has started on the Moscow Exchange. The company's ordinary shares are included in the list of securities by MOEX, and are being sold under the EELT ticker. IT Invest was chosen to perform market-maker functions for the securities.
Following the initial public offering (IPO), the first day of trading went quite successfully. Evropeiskaya Elektrotechnica shares increased by 6.8% and reached RUB 10.2 a share from the moment trading started. At first, the company offered 97.6 million shares at the price of RUB 9.5 a share. A total of 132 deals were concluded on the first day of trading. The company's dividend policy assumes payouts of more than 20% of net profit under International Financial Reporting Standards.
Experts point out that PJSC Evropeiskaya Elektrotechnica’s business has been rapidly developing over the last 4 years. The company's revenue amounted to RUB 4 billion in the previous year. Company net profit showed a fivefold increase in H1 2017. According to analysts, Evropeiskaya Elektrotechnica has all opportunities to take top market positions.
PJSC Evropeiskaya Elektrotechnica’s desire to expand its business activities became the reason for the IPO. The company plans to establish new engineering centers and buy production assets over the next 5 years.