Russia's PIK to spend IPO cash on new projects

PIK Group raised $1.8 billion in an initial public offering in June, near the bottom of its placement range, becoming Russia's top developer with a market value of $12.3 billion. The company said the offering, which was placed at $25 per share, was Europe's largest ever IPO by a real estate firm. Pisarev told Vedomosti Asian investors took up about a third of the offer and U.S. and European investors the remainder.