Marine Money, an international maritime finance publication, has recognised SCF’s IPO on the Moscow Exchange (MOEX), in October 2020, as The IPO Deal of the Year.
According to the press release of Sovcomflot, the total net proceeds from the IPO were RUB 38 billion (equivalent to USD 480 million as of the date of issue). The access to a new source of market financing, in the form of equity capital, will enable SCF to sustain growth rates in line with its long-term strategy.
“This was a highly significant transaction, as it represents the largest ever marine transportation IPO in EMEA by market capitalization at IPO and the first priced IPO on MOEX since November 2017, signaling the re-opening of the Russian IPO market,” commented Marine Money.
The publication notes that the success of the transaction was even more remarkable considering it was executed virtually in its entirety amidst the busiest Q3 IPO pipeline globally on record, and thus rising competition for equity capital available on the market. Against this background, the IPO attracted high demand both internationally, including from sovereign wealth funds, and domestically, including from local funds and retail investors.
PAO Sovcomflot is one of the world's leading energy shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as the servicing of offshore oil and gas production. As of the date of this release, the Group’s fleet comprises of 144 vessels with a total deadweight of over 12.6 million tonnes, including vessels owned through joint ventures. More than 80 vessels have an ice class.
SCF is servicing large oil and gas projects in Russia and around the world: Sakhalin-1; Sakhalin-2; Varandey; Prirazlomnoye; Novy Port; Yamal LNG, and Tangguh (Indonesia). The Group is headquartered in St. Petersburg, with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, and Dubai.