In addition to financing the strategic acquisition of JSC Biznes-Nedvizhimost, the SPO creates opportunities for the Company to become one of Russia’s largest premium developers
IPJSC Etalon Group (the “Company” or the “Group”), one of Russia’s largest development and construction companies, announces the results of its secondary public offering (the “SPO” or the “Offering”) of ordinary shares (the “Shares”) on the Moscow Exchange.
· The total number of Shares placed through the SPO amounted to [around] 400 million, including
- around 389 million Shares placed following the main bookbuilding period on the Moscow Exchange, via over-the-counter placements and through the pre-emptive rights of existing shareholders (26 January to 9 February 2026);
- around 11 million Shares placed following the final stage of bookbuilding on the Moscow Exchange and via over-the-counter placements (19 February 2026).
· During the SPO (including the final stage), orders from all investors were satisfied in full.
· The Offering Price was set at RUB 46 per Share by resolution of the Company’s Board of Directors on 9 February 2026.
· The SPO raised a total of RUB 18.4 billion, in line with the target amount announced on 26 January 2026.
· All proceeds raised were received by the Company, RUB 14.1 billion of which will be allocated to finance the strategic acquisition of JSC Biznes-Nedvizhimost. The remaining funds are expected to be used for business development, debt reduction and the Group’s general corporate purposes.
· The Company and its controlled entities have undertaken standard lock-up commitments not to sell the Company’s Shares for 180 days from the completion date of the SPO, while the Company’s largest shareholders have undertaken similar obligations for 90 days from the same date.
Allocation parameters:
· The Company adhered to the previously announced allocation principles for the SPO.
· The Company satisfied in full orders to acquire Shares from all categories of investors.
· Following the bookbuilding period, the minimum guaranteed allocation per retail investor was 1 lot. No maximum allocation per retail investor was set.
· Allocation was determined irrespective of the broker through which participation in the SPO took place and irrespective of when the order was submitted during the bookbuilding period.
· No minimum or maximum allocation thresholds were set for institutional investors or legal entities.
Issue documentation, placement terms and other materials are available on Etalon Group’s website: https://www.etalongroup.com/corp/documents/.
DISCLAIMER
The information contained in this report shall not be published or distributed, in whole or in part, outside the Russian Federation.
Any information contained in this report is current only as of the date of its publication. Etalon Group and its subsidiaries, their affiliates or other related persons, including directors, managers, employees, agents, advisers or consultants (hereinafter referred to as the “Representatives”) and other persons shall not make any changes to this report after the date of its publication and shall not be liable for any financial losses or other damages arising as a result of any information in this report becoming outdated or incomplete after the date of its preparation.
This report is for informational purposes only and does not constitute a prospectus or a document equivalent to a prospectus, a decision to issue securities, an individual investment recommendation (within the meaning defined in Federal Law No. 39 of 22 April 1996 “On the Securities Market”) in relation to the securities of the Company / any other securities / any assets mentioned in this report, an obligation on the part of the Group, the Representatives or other persons, as well as an offer or a proposal to make offers to sell, purchase, exchange or otherwise transfer securities, an offer to carry out other transactions / operate with securities or votes, exercise other rights thereon, advertise any securities in any jurisdiction, guarantee or promise a sale of securities or any assets / place securities / conclude any agreement and cannot be considered or interpreted as any of the above. Any information contained in this report should be independently assessed by its readers, who, if necessary, should seek appropriate professional advice at their own expense.
This report may constitute or contain forward-looking statements. Forward-looking statements are not historical facts and can be identified by words such as “plans,” “aims,” “seeks,” “anticipates,” “expects,” “intends,” “estimates,” “continues,” “will,” “may,” “shall,” “should” or similar expressions (including derivatives of these words). Such forward-looking statements, at the time of their publication, reflect the Group’s beliefs, intentions and current objectives or goals relating to, among other things, the Group’s and its subsidiaries’ operating results, financial position, liquidity, prospects, growth and strategies. While the forward-looking statements contained in this report are based on reasonable assumptions, any such statements are subject to known and unknown risks and uncertainties, including material business conditions and external factors discussed in Section 2.8 of the prospectus for securities of Etalon Group, registered by the Bank of Russia on 19 January 2026 and posted on the Company’s website at https://www.e-disclosure.ru/portal/files.aspx?id=39517&type=7 (hereinafter referred to as the “Prospectus”), which may cause the actual performance of the Group and the industry to differ materially from what is projected in such forward-looking statements. Such forward-looking statements in each case represent only one of many possible scenarios and should not be considered the most likely or standard scenario. Neither the Group, its Representatives nor any other persons make any guarantees or other representations that the results anticipated in such forward-looking statements will be achieved. Accordingly, undue reliance should not be placed on forward-looking statements.
Any reference in this report to the Secondary Public Offering’s parameters and other information is based solely on the Prospectus. This report does not contain the full terms and conditions of the Shares. Before making an investment decision regarding whether or not to conduct an operation with the Shares, you should also read the Prospectus.
Source of information subject to disclosure in accordance with the legislation of the Russian Federation on securities: https://www.e-disclosure.ru/portal/company.aspx?id=39517.
This and other recent announcements are available on the Etalon Group website:
https://www.etalongroup.com/en/news/.
IR Team
About Etalon Group
Founded in 1987, today Etalon Group is one of the leading nationwide players in Russia’s development and housing construction sector. The Company develops real estate projects for the middle class in Moscow, the Moscow region and St Petersburg. The Company has been actively developing in eight regions across Russia since 2021, with large-scale projects under way in Omsk, the Novosibirsk region, Ekaterinburg, Tyumen and Kazan. With 38 years of successful operations and ongoing regional expansion, the Company remains one of the largest players in the Russian real estate market. Since its foundation, Etalon Group has delivered 9.2 mln sqm of real estate.
Thanks to its integrated business model, Etalon Group creates added value for customers and shareholders at every stage of development, from land plot analysis and acquisition to the operation and maintenance of existing properties. Etalon Group employs more than 6,000 people.
Etalon Group’s total assets comprise 27 projects under development, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 5.5 million sqm, as well as a construction and maintenance division. According to Nikoliers, the value of Etalon Group assets as of 31 December 2024 was RUB 305 billion.
In 2025, Etalon Group’s new contract sales totalled 671 ths sqm, or RUB 153.5 billion.
The Company’s revenue in 2024 amounted to RUB 131 billion, with EBITDA of RUB 27.6 billion.
Etalon Group shares are traded on the Moscow Exchange (ticker ETLN) and have been included in the Level 2 quotation list since September 2025.