en.Wedoany.com Reported - Optical cable manufacturer Inkab Holding has launched its initial public offering on the Moscow Exchange, issuing nearly 20.4 million shares at 100 rubles per share, raising 2.04 billion rubles. The offering price is at the lower end of the previously announced price range.

The offering includes a stabilization tranche of 1.8 million shares, accounting for 8.8% of the funds raised. This mechanism is used by the offering organizers to support the share price and smooth out sharp fluctuations at the start of trading. Without the stabilization mechanism, the free float would be 20.31%.

The offering attracted over 1,450 new investors, the majority of whom were retail investors, along with three institutional investors participating in the subscription. The average subscription amount for retail investors was 932,300 rubles, for legal entities 85.3 million rubles, and for trust accounts 19.7 million rubles.

Controlling shareholder Alexander Smilgevich, together with the company, has set a lock-up period of 180 days, while also committing not to sell his shares on the exchange for five years. Smilgevich has further pledged to vote in favor of distributing dividends of no less than 50% of net profit under IFRS (International Financial Reporting Standards) during the aforementioned period.

Inkab shares began trading at 16:00 Moscow time on June 24 under the ticker INCB and were included in the Moscow Exchange's third-tier listing. The closing price on the first trading day was below the offering price, at approximately 98 rubles per share, with an intraday low of 88 to 89 rubles. Different data sources show a first-day decline ranging from 5% to 10.7%.

Inkab's core business is the research, development, and production of optical cables and specialty cables. According to Alexander Smilgevich, Inkab holds approximately 28% of the Russian market share and is ranked among the world's top ten manufacturers of submarine optical cables. In 2025, the company's revenue was 5 billion rubles, with EBITDA of 1.03 billion rubles and a net debt-to-EBITDA ratio of 3.65. In 2026, the company expects EBITDA to increase to 2.2 billion rubles.