4 July 2023

LECAP is a legal advisor on CarMoney IPO on the Moscow Stock Exchange

LECAP team helped to develop and implement a unique legal structure of the transaction

On July 3, 2023, the shareholders of SmartTechGroup PJSC (STG), the parent company of the fintech service CarMoney, successfully completed an initial public offering on the Moscow Exchange.

The LECAP team helped to develop and implement a unique legal structure of the transaction: the sale of shares under the “direct listing” model with the subsequent contribution of the proceeds into the capital of STG (cash-in). The LECAP team also prepared and agreed with the Moscow Exchange the first ever Lock-Up agreement under the Russian law. The agreement establishes a legally binding ban on the sale of shares by significant shareholders within 180 days after the start of trading.

Anton Zinoviev, founder of CarMoney and CEO of STG PJSC, said:

"We are grateful to the LECAP team for the high quality and speed of their work. Colleagues from LECAP were always in touch with us and were able to create unique legal solutions for our deal in a short period of time."

On the first day of trading, the demand for the amount of shares offered by the company's shareholders, equivalent to RUB 600 mln, the expected values by several times and was sold in a matter of minutes. To maintain liquidity, the company's shareholders sold additional shares on the same day. STG shares were included in the third level of listing on the Moscow Exchange with the CARM ticker.