(Corrects first paragraph to show that the company did not say the float was intended to obtain a technical listing after the failure of a planned placement)
MOSCOW, Aug 12 (Reuters) - Russian chemical company Acron AKRNq.LAKRN.MM said it floated a small stake on the London Stock Exchange on Tuesday in what market sources have called a technical listing after the failure of a planned placement.
Acron’s subsidiary Dorogobuzh is selling 30,000 shares in the parent company at $9.00 per Global Depositary Receipt (GDR), or $90.00 per ordinary share.
Trade commenced at 0700 GMT, but Reuters data showed no trades.
Acron's Moscow listed shares traded 2.44 percent lower at 2,000 roubles ($81.43) each, underperforming the MICEX .MCX index, which was down 0.33 percent, and its peer Uralkali URKA.MM, which was up 0.44 percent.
The Acron listing replaces an earlier plan to sell up to 10 percent of the company’s shares as GDRs in London, which was abandoned in turbulent market conditions. It had hoped to sell shares for $120-$150 each. (Reporting by Melissa Akin; Editing by Paul Bolding)
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