"Etlon Group" completes SPO on the Moscow Stock Exchange and increases the stake of the main shareholder to 70%

esterday, the "Etalon" group (MCAP "Etalon Group") conducted an additional collection of applications as part of the final phase of SPO at the Moscow Exchange, the company reported. Investors have been offered undistributed 11 million shares at a price of 46 rubles per unit, as a result of the secondary placement of shares, the developer intends to attract up to 18.4 billion rubles. Experts believe that the success of the placement will depend on the ability of management to implement development strategy, as well as on the economic situation in the country, in particular on the dynamics of the key rate of the Central Bank of the RF.

The SPO application period ran from 26 January to 9 February. The payment term of the preferred shares was completed on 17 February 2026. The total number of shares listed under SPO will be announced no later than February 20, according to the company’s announcement. In total, the developer received bids for the acquisition of about 411 million shares. In total, the company plans to place up to 400 million shares.

An application for 377 million shares of "Etalon" was received from a key shareholder of the company - PJSC AFC "System", another 22 million shares are in interest of the subsidiary to form a long-term motivational management program. The company explains that the funds raised during SPO are planned to be directed towards the implementation of the group’s development strategy, which involves financing the acquisition of JSC "Business-Real Estate" from AFC "System", as well as strengthening the group’s positions in the premium segment of real estate. Improving operational efficiency, deleveraging and financing the group’s overall corporate needs. After the conclusion of the deal on "Business-Real Estate", "Etlon Group" will receive 42 land plots in Moscow and St. Petersburg, for which the developer must pay 14.1 billion rubles.

The "Benchmark Group" has not yet disclosed financial results for the second half of 2025. According to the results of the first half-year, the company reported an increase in consolidated revenue by 35%, to a record 77.4 billion rubles. At the same time, the net loss of the company during this period grew six-fold - to 8.9 billion rubles, which management explained by the high cost of debt service due to the tight monetary policy of the CB.

Alexey Golovinov, the chief analyst on financial markets of JSC IC "Vector Capital", believes that for most investors, the "Etalona" securities hardly seem attractive now. In theory, one could try to play the upcoming mission. As AFC "System" buys up almost all of its holdings, after that the holding’s share in the development group will rise from 48.8% to nearly 70%. In this case, the company will be obliged to issue an offer to minority shareholders , - says the analyst.