Russian technology company Astra has raised Rbs3.5bn ($35.9m) in its initial public offering (IPO), reported Reuters.

The company’s shares were priced at the upper end of the range and the IPO was dominated by retail investors.

Following the Russian invasion of Ukraine, there have not been many IPOs in Russia.

Typically, these IPOs have low volumes and rely on Russian investors due to the withdrawal of Western investors from the country.

“Total demand from investors exceeded supply by more than 20 times at the upper end of the price range, and the number of new investors in the share capital structure amounted to about 100,000 people,” Astra was quoted as saying in a statement.

Astra is said to hold a key position in the Russian operating system (OS) market with its Astra Linux OS.

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It provides a variety of software solutions to Russian state-owned businesses and government agencies, particularly those involved in key infrastructure.

Many of these organisations were cut off from access to Western technology in the wake of the Russia-Ukraine war.

In the first half of 2023, the company significantly boosted its percentage of corporate clients, from 28% in 2020 to 70%.

According to Astra, the price was fixed at Rbs333 per share, which translates to a market value of Rbs69.9bn.

In a statement, Astra CEO Ilya Sivtsev said: “The IPO allowed us to launch a long-term motivation programme for our employees. They are the key driver of the group’s business growth.

“As of today, more than 1,400 of our employees have become Astra Group shareholders.”

Astra’s shares are expected to start trading on the Moscow stock exchange under the ASTR ticker later this week.