IPO of DOM.RF on the Moscow Exchange
2025
IPO & PRE-IPO
key aspects
LECAP acted as adviser to DOM.RF, one of Russia’s largest financial groups with the status of a unified development institution in the housing sector, in connection with its initial public offering on the Moscow Exchange. In the offering, which was completed at the top end of the price range, more than RUB 25 billion was raised.
The first IPO of a development institution with state participation in Russian practice and one of the few in the world
Case features
Project features that required an individual approach and out-of-the-box solutions
Preparation for the placement took into account the issuer’s specifics as a non-bank credit institution, strategic organization, and company with state participation.
The company received more than 40 applications from institutional investors, as well as over 50,000 applications from retail investors
It is expected that, thanks to DOM.RF’s strong investment appeal, it will enter the top 20 Russian companies by market capitalization.
The investments raised in the IPO will be used to implement the company’s growth strategy and develop its business.
The investments raised in the IPO will be used to implement the company’s growth strategy and develop its business.
LECAP’s role
Full-cycle project support — from structuring and document preparation to compliance with listing requirements and implementation of incentive programs.
LECAP lawyers supported the project from start to finish, including the preparation of offering documentation, legal documentation (lock-up deeds, agreements with brokers, and others), support for KYC procedures and disclosure procedures, preparation of internal policies and regulations to comply with listing criteria, as well as preparation of a long-term incentive program for employees.
LECAP team members also participated in the first mortgage securitizations of DOM.RF (then still AHML), including the first subordinated issuances and the first issuances with AHML guarantees.
Key product modules used in implementing the project
All products
