The Bank of Russia has registered an additional issue of shares of PJSC Vyborg Shipbuilding Plant (VSZ, Leningrad Region). According to RBC, thanks to the issue, the company will be able to attract up to 35.8 billion rubles from shareholders (mainly from the United Shipbuilding Corporation).
According to the issue prospectus, VSZ intends to place 2.83 million ordinary shares with a nominal value of 50 kopecks during the year. The authorized capital of PJSC after the issue will almost double – from 1.44 million to 2.86 million rubles. The placement price will be 12,663 rubles per share. It was formed "based on the market value" determined by an independent appraiser, AFK–Audit LLC, in December 2025, according to the decision of the Board of Directors of VSZ dated February 6.
Vyborg Shipyard Workshop
Central Naval Portal
The securities will be placed by closed subscription, that is, only among current shareholders "in proportion to the number of ordinary shares of VSZ owned by them." 97.79% of VSZ shares belong to USC.
If the issue is fully repurchased, the Vyborg shipyard, based on the sale price of the securities, will attract 35.83 billion rubles from shareholders, including 35.04 billion rubles from USC.
In the period from November 2024 to September 2025, USC has already capitalized the Vyborg Shipyard by buying out its additional issue shares. Thanks to this, the shipyard attracted 5.5 billion rubles from the shareholder. In addition, last year the company received 2.47 billion rubles of state aid from the Ministry of Industry and Trade in the form of subsidies to reimburse part of the costs associated with the construction of fishing vessels.
In 2025, VSZ's revenue decreased by 32%, to 11.2 billion rubles. The plant ended the year with a net profit of 142 million rubles, according to the shipyard's annual report. At the same time, the uncovered loss of previous years remained virtually unchanged and amounted to 11.2 billion rubles as of January 1, 2026. It is related "to the general underutilization of the shipyard, the losses incurred during the construction of the KMT01 and KMT02 fishing vessels, the lack of timely financing and, as a result, the use of credit facilities," the document says.
Other reasons for the previous unprofitability include an increase in the cost of equipment and materials, as well as Western sanctions, which led to "the need for redesign, partial redesign and purchase of equipment using parallel import schemes or replacement of suppliers."
According to the report, the shipyard is currently implementing an innovative development program. It is designed to last until 2030. In particular, a number of production sites are being retrofitted, and the crane equipment fleet is being updated.
In 2025, the plant completed testing of the first serial trawler of the KMT02 Kapitan Taran project, and also launched an oceanographic research vessel. For the next 3-4 years, the VSZ's capacities are fully loaded, and in the case of new contracts (for a serial icebreaker of the 21900M2 project and for a series of heavy ice-class rescue vessels for operation on the Northern Sea Route), capacity utilization is "planned until 2032," the report says.
