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. Last Updated: 07/27/2016

Bank St. Petersburg Sets IPO Range

Bank St. Petersburg on Tuesday set an indicative price range for its initial public offering of $4.35 to $5.65 per share, seeking a market value of $1.23 billion to $1.6 billion.

The bank, Russia's 27th largest with assets of $3.3 billion, is one of the leading private banks in St. Petersburg and the surrounding Leningrad region.

It is placing up to 50.8 million new ordinary shares in Russia and also offer unlisted Global Depositary Receipts to institutional investors outside the United States. Each GDR represents three shares and will be priced in the range of $13.05 to $16.95, the bank said. Up to 18 percent of its shares would be freely floated.

"We have a growing client base in one of Russia's fastest growing regions, and the IPO will help us to strengthen further our leading regional position," CEO Alexander Savelyev said.