Since the public offering of Otkritie FC Bank stock on the Moscow Stock Exchange, the bank so far has sold 22,838,624 shares worth $456 million, it announced on Monday.

Nearly 23 million shares were sold at an average of $19.94 a share. Gazprombank and Otkritie Capital acted as joint underwriters.

Bank officials praised the overall progress of the public offerings.
"The market conditions have changed significantly since we registered the follow-on offering. We have nevertheless succeeded in placing the shares; the level of demand shown by investors exceeded the expected values. As a result of the PO, we have not only raised the capital required for further business growth, but also expanded our shareholding structure. Alongside the strategic investor, who will hold approximately 7.4 percent of the bank's capital, a number of institutional investors that have not previously held any of the bank's shares, as well as private investors, have taken part in the offering," Otkritie FC Bank President Dmitry Romaev said.