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. Last Updated: 07/27/2016

Teorema Seeks $500M in Share Listing

Teorema, a developer that focuses on projects in St. Petersburg, wants to raise up to $500 million via an initial public offering of shares, banking sources said last week.

Sources said the placement might happen before the end of the year.

Teorema would join a flurry of IPOs by Russian developers -- placed earlier this year or in the process of placing shares in Moscow and London -- amid booming demand for housing and commercial space in Russia.

Among the largest, LSR Group, which also focuses on property development in St. Petersburg, is seeking to raise around $1 billion in a London flotation in November, which is expected to give it a market value from $6.1 billion to $7.7 billion.

Since a debut by Open Investments in 2004, four Russian real estate companies have held IPOs, with the record being held by developer PIK Group, which raised $1.8 billion in June, valuing it at $11.4 billion. Teorema estimates its total future investment in projects under development at $1.4 billion.