Russian shipping company PAO Sovcomflot, wholly owned by the state, plans to hold an initial public offering (IPO) on the Moscow Exchange to raise at least $500 million, as seen by PRIME in the company's materials on September 15, 2020. “The company expects that its shares will be allowed to trading on the Moscow Exchange on the date the offering price is announced… The sum of net funds from the IPO will amount to at least the equivalent of $500 million," the documents read.