On 31 October 2025, the initial public offering (IPO) of PJSC GloraX (the “Company”, the “IPO”) took place. GloraX is one of the leading developers in the Russian residential real estate market, distinguished by its rapid regional expansion, master development expertise, and comprehensive territorial development projects.

VERBA LEGAL acted as legal counsel to the IPO lead managers.

• The IPO size amounted to RUB 2.1 billion. The offering became the first IPO on the Moscow Exchange in 2025. The offering price per share was set at RUB 64, implying a market capitalisation of approximately RUB 18.1 billion, taking into account the additional share issue.

• The offering consisted solely of newly issued shares placed by the Company (cash-in). The proceeds raised through the IPO will be used to implement the Company’s long-term growth strategy, further its development, reduce debt, and finance other general corporate purposes.

• Following the IPO, the free float amounts to approximately 11.6% of the Company’s increased share capital, excluding the results of stabilisation measures.

The VERBA LEGAL project team included Partner Alexander Kuznetsov, Senior Associate Anna Sidorenko, and Associate Vasilisa Lopatina.