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. Last Updated: 07/27/2016

Russian Sea IPO Gets Road Show

Seafood producer Russian Sea on Tuesday kicked off a road show for its initial public offering, in which it hopes to raise as much as $173.5 million, the company said in a statement.

The stock would be priced at $6 to $8 per share and the company will float 27.3 percent of its stock, the company said, allowing it to raise $130.2 million to $173.5 million.

Renaissance Capital and VTB Capital were appointed as global coordinators and bookrunners for the offering.

Russian Sea Group announced last month that its main shareholder, Cyprus-registered Corsico Limited, which owns 95 percent of the company, will sell the group's ordinary shares on Russia's two main exchanges, the RTS and MICEX.

Russian Sea will use the cash raised for investments in production, fish farming operations, a partial repayment of debt and an increase of its working capital, the company's statement said last month.

Russian Sea, founded by brothers Maxim and Andrei Vorobyov in 1997, initially imported fish from Norway. The group has since expanded into fish farming and processing, including a production facility in the Moscow region that makes more than 60 types of seafood.

The company, which had 2009 turnover of 17.3 billion rubles ($590.2 million), had 12 percent of the Russian fish and seafood market in 2009, the group said on its web site, citing research by Global Reach Consulting.