Metallurgical Industrial Complex of Magnitogorsk JSC backed out of the initial decision to go for a public offer of a 2% ordinary share holding. The investment company that possesses a 21% share holding of the Complex has officially declared this change of plans at Moscow Interbank Currency Exchange (MICEX). Thus MICEX decided to stop dealing in their shares.

According to FinMarket Information Agency, the opening bid came to $.7 per share. The company’s authorized capital is estimated to reach the point of 10.63bn RUR, and 10,630,221,600 ordinary shares with face value 1 RUR each had been offered. Given the $.7 price, a 2% share holding would cost $148.82m to buy. The shares of Metallurgical Industrial Complex of Magnitogorsk were sold at $.725 per share at RTS yesterday, which means the capitalization of $7.7bn. The $.7 price means the capitalization of $7.44bn.

According to the company’s spokesperson, the public offer has been put off due to unfavorable market opportunities at the moment.