IPJSC Etalon Group (the “Company” or the “Group”), one of Russia’s largest development and construction companies, announces the start of bookbuilding for the final stage of its secondary public offering (the “SPO” or the “Offering”) of its shares (the “Shares”) on the Moscow Exchange.
On 17 February 2026, the payment period expired for Shares offered to existing shareholders pursuant to pre-emptive rights. In accordance with the structure and terms of the SPO, the remaining unplaced Shares in the amount of 11 million will be offered to investors during the final bookbuilding stage, which will take place on 19 February 2026 on the Moscow Exchange and over-the-counter. The Offering price will remain unchanged at RUB 46 per Share.
As previously announced, the Company may place up to 400 million Shares under the SPO in order to raise RUB 18.4 billion (100% cash-in). The Company intends to allocate RUB 14.1 billion of this amount to finance the strategic acquisition of JSC Biznes-Nedvizhimost, which owns land plots and commercial properties in attractive locations in Moscow and St Petersburg. The remaining funds are expected to be used for business development, debt reduction and the Group’s general corporate purposes.
The results of the Offering will be announced no later than 20 February 2026.
Issue documentation, placement terms and other materials are available on Etalon Group’s website: https://www.etalongroup.com/corp/documents/.
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.