

Comment on PIK’s debut Eurobond placement (Ba2/BB-)
Source: Bloomberg, ITI Capital estimateAbout company PIK is Russia's largest developer (with construction volumes almost double those of its nearest competitor as of early September 2021) with a particular focus on the Moscow city (43% of total construction area), the Moscow Region (27%), and some other Russian regions.
The group's land bank was around 21.5 mln sq. m. (+30% YTD) at the beginning of 3Q21.PIK focuses on mass-market construction.
New contracts in 9M21 amounted to 1.7 mln sq. m. (+13% year-on-year). Total cash collections for the period increased by 50% to ₽342 bln.
Mortgage transactions account for 77% of total sales. PIK Group is owned by Sergei Gordeev (60.1%) and VTB Bank (23%), and the rest 17% is free-float.PIK’s revenue.
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