Cian Will Sell IPO Shares for $16 Each

Russian online real estate classifieds platform Cian PLC will sell 18,213,400 American Depositary Shares for $16 each during its initial public offering (IPO), the company announced Friday (Nov. 5).

Cian will offer 4,042,400 of those shares, while some existing Cian shareholders will offer 14,171,000. Those shareholders selling their stock are also allowing underwriters of the IPO a 30-day option to buy up to an extra 2,732,010 shares at the IPO price.

Cian’s shares are trading on the New York Stock Exchange and the Moscow Exchange as of Friday under the symbol CIAN, and the IPO is expected to close Tuesday (Nov. 9), subject to customary closing conditions.

Jointly, the lead book-running managers for Cian’s IPO are Morgan Stanley, Goldman Sachs International and J.P. Morgan. BofA Securities, Renaissance Capital, VTB Capital, Alfa CIB, AO Raiffeisenbank and Tinkoff are also acting as joint bookrunners.

Related: Liquidity Services Buys Government Real Estate Platform Bid4Assets

In real estate-related news, business and government surplus eCommerce marketplace Liquidity Services will acquire real estate digital platform Bid4Assets, which targets property auctions for the government, including tax foreclosure sales and sheriff’s sales.

Bid4Assets is the first digital public action platform for the sale of real property. The company has sold more than $1 billion in assets to more than 800,000 registered buyers, and will become a division of Liquidity Services post-closing. The Bid4Assets’ management team and employees will also remain with the company.

See also: Bitcoin Daily: Russia Central Bank to Delay Digital Asset Exchange Payments; Christie’s to Auction NFTs

In September, the Bank of Russia said it would work with commercial banks to delay payments to digital asset exchanges, with the goal of limiting “emotional” crypto purchases by unqualified investors, a move that could influence peer-to-peer (P2P) and over-the-counter trading platforms, according to Bitcoin.com.

The Bank of Russia won’t support increasing access to cryptocurrency markets for investors across the country and is skeptical about acquiring crypto.