Positive Technologies launches secondary share offer

Cybersecurity firm Positive Technologies is launching a secondary public offering (SPO) of up to 2.6 million common shares, it said on Monday, 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 roubles to 1,320 roubles ($19.90 to $21.89) per share. The SPO could take its free float to as high as 14%.

The shares will be sold by the company’s main shareholders and top executives, the company said, adding that none of them would sell entire, or significant, stakes in the offering.

The exercise will run between Sept. 19 and 27, with the final price expected to be announced by Sept. 28, it added.

Founder Yuri Maximov is the company’s biggest shareholder with a stake of 51.88%, according to its website.

Moscow’s role in the Ukraine conflict has thwarted the listing plans of Russian companies this year.

Last week, sources told Reuters that e-scooter company Whoosh planned to raise about $170 million in a Moscow IPO this year, for the first public listing since the conflict began.

Positive Technologies owner Positive Group (POSI.MM) listed shares on the Moscow Exchange in December with the price rising about 69% since trading began at 770 roubles, despite a slump in February.

On Monday, its shares were flat by 0809 GMT, after having slipped 1.7% earlier.

In April the U.S. Treasury blacklisted Positive Technologies and other IT firms for supporting Russian intelligence services, which the company called “groundless accusations”.

The blacklisting was based on “a misunderstanding and a mistake”, Chief Operating Officer Maxim Pustovoy has said.

Positive Technologies has said 98% of its revenue comes from Russia.

“We are the only cybersecurity company that went public via a direct listing and we want to see people who are interested in technology and investments in this industry among our investors,” Pustovoy said in a statement.

The company’s shareholder base has increased to nearly 60,000 from 1,400 since its market debut, Pustovoy added. Reuters