Glorax Raises RUB 2.1 Billion in the First Moscow Exchange IPO of 2025

The Moscow Exchange hosted its first initial public offering (IPO) of 2025: developer Glorax, which builds residential, commercial and public real estate across Russia, raised 2.1 billion roubles in the placement. The company announced the results on Friday, October 31, 2025. Shares were sold at a price fixed in advance — 64 roubles each — which puts the developer's market capitalisation at roughly 18.1 billion roubles including the additional issue.

According to the issuer, the IPO was oversubscribed despite difficult market conditions: demand exceeded supply, and the deal became the first equity listing of 2025 on the exchange. The full picture of the placement was carried by Interfax.

Key parameters of the placement

The offering consisted entirely of newly issued shares (a cash-in structure): existing shareholders sold nothing. Proceeds will fund the long-term growth strategy, reduce the debt load and cover other general corporate needs.

• around 32.8 million new shares placed; the ceiling of the additional issue was 62.5 million shares, which would have raised 4 billion roubles if exercised in full;
• at the start of book-building the potential size of the IPO was guided as "more than 2 billion roubles";
• free float after the IPO: about 11.6% of the enlarged share capital, excluding the outcome of stabilisation;
• the shares were included in the second quotation list; trading opened under the ticker GLRX.

Retail allocation favoured small orders: applications of up to 5,000 roubles were satisfied in full, and the satisfaction rate declined step by step for larger tickets, down to 35% for orders of 10 million roubles and above. The maximum allocation was capped at 15 million roubles per retail investor — the same threshold applied to institutional buyers.

Investor protection: a buyback offer, stabilisation and a lock-up

Glorax attached an unusual set of protections to the deal. Investors who took part in the IPO and hold the shares continuously for one year are covered by an irrevocable public offer: if the market price a year later is below the IPO price, the company will buy the shares back at the placement price plus 19.5%. In a limited volume, the offer also extends to shares purchased within 30 calendar days after trading began.

A price-stabilisation mechanism of about 15% of the base size of the IPO will operate for 30 days after the start of trading, with Sovcombank acting as the stabilisation agent; if the entire stabilisation tranche is bought, the final free float will fall to 10.1%. The company, its existing shareholders and management (under the long-term incentive programme) accepted a six-month lock-up. The structure of the protections was also detailed by Forbes Russia.

Debut: slightly below the IPO price, in step with the market

The first session brought no premium. Trading in GLRX started at 15:09 Moscow time on October 31, 2025, and by 15:23 the shares had slipped to 63 roubles — 1.6% below the IPO price — on turnover of 82.585 million roubles, declining alongside the wider market, Interfax reported from the debut session. The one-year buyback offer at the placement price plus 19.5% effectively caps the downside for IPO participants who stay in the paper.

Who is Glorax

Glorax was founded in 2014 by Andrei Birzhin, the former co-owner of developer Tekta Group, and works in residential, commercial and public real estate. The group operates in 11 Russian regions: Moscow, St Petersburg, Leningrad Region, Nizhny Novgorod, Kazan, Yaroslavl, Vladimir, Murmansk, Omsk, Tula and Vladivostok.

Financial snapshot

Forbes Russia placed Glorax 21st by ongoing construction volume in the Unified Resource of Developers' "Top Russian Developers" ranking and cited the following results for the first half of 2025:

• portfolio value of about 125 billion roubles across 31 projects; unsold area of 5.4 million square metres;
• revenue of 18.7 billion roubles, up 45% year on year;
• EBITDA of 7.76 billion roubles, up almost 60%;
• profit of 2.3 billion roubles, a 3.7-fold increase.

Against that backdrop, the modest 2.1 billion rouble raise looks less like a liquidity exit and more like a strategic listing test: the developer secured a public market valuation while leaving the larger part of the authorised additional issue unplaced.