Positive Technologies from Russia Launches Secondary Equity Offering

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MOSCOW (Reuters) – Cybersecurity firm Positive Technologies said on Monday it launched a secondary public offering (SPO) of up to 2.6 million shares of common stock, the first share sale by a Russian company since Moscow sent troops to Ukraine in February.

Positive Technologies will not offer new shares in the SPO, it said, pricing in the range of 1,200-1,320 rubles ($19.90-$21.89) per share.

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The SPO could boost the company’s free float by up to 14%. Moscow’s role in the conflict in Ukraine has thwarted listing plans for Russian companies this year.

Sources told Reuters last week that e-scooter company Whoosh planned to raise about $170 million this year from an IPO in Moscow, in what would be its first public listing since the conflict began. Positive Technologies owner Positive Group listed shares on the Moscow Stock Exchange in December and the price rose about 69% since trading began at 770 rubles, despite a slump in February.

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On Monday, shares fell 1.7% at 0740 GMT. The US Treasury Department blacklisted Positive Technologies and other IT companies for supporting Russian intelligence in April, describing what the company described as “baseless allegations”. Chief Operating Officer Maxim Pustovoy has said the blacklist was based on “a misunderstanding and a mistake”.

($1 = 60,3000 rubles)

(Reporting by Anna Pruchnicka in Gdansk and Alexander Marrow in Moscow; editing by Kirsten Donovan)

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