Russia’s Positive Technologies launches secondary share offering

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

Positive Technologies will not be offering any new shares in the SPO, it said, setting a price in the range of 1,200-1,320 rubles ($19.90-$21.89) per share.

The SPO could take the company’s free float to as high as 14 percent. 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 was planning to raise about $170 million in a Moscow IPO this year, in what would be the first public listing since the conflict began. Positive Technologies owner Positive Group listed shares on Moscow Exchange in December with the price rising around 69 percent since trading began at 770 rubles despite a slump in February.

On Monday, its shares were down 1.7 percent by 0740 GMT. The U.S. Treasury in April blacklisted Positive Technologies and other IT firms for supporting Russian intelligence services, which the company described as “groundless accusations”. Chief operating officer Maxim Pustovoy has said the blacklisting was based on “a misunderstanding and a mistake”.

($1 = 60.3000 rubles)