A share offer from tractor dealer Ekotechnika was heavily oversubscribed, as the company prepares to go public.
The German-based holding company for Russian dealer EkoNiva-Technika group is in the process of going public, as part of a restructuring forced by liquidity issues, and the weak prospects for Russian tractor sales.
Shares were delivered on Wednesday, and will commence trading on the Dusseldorf exchange on Thursday.
EkoNiva-Technika is Russia's largest dealer in foreign-branded agricultural machinery, including Deere products.
The company's flotation was announced in November, as Ekotechnika revealed a net loss of E25m for the year to the end of September, as a period of restructuring.
The company has been struggling thanks to the slump in the rouble, which has shrunk its euro-denominated receipts from Russian sales, against a backdrop of a weak demand for agricultural machinery.
Last month Stefan Dürr, Ekotechnika AG's majority owner and chief executive, said "the economic situation in Russia means that trading conditions for the distribution of international farming equipment remain challenging".
80% of the shares were exchanged directly for debt, as bondholders exercised their right to convert debt in the company into equity.
The rest of the shares went to bondholders who exercised the right to buy left-over shares, delivering cash compensation for bondholders who chose not to convert to equity.
Total demand for the Ekotechnika shares, through debt conversion or purchase, reached 2.5 times the volume of share left available.
The excess shares were sold at E3.50 a piece, implying a nominal E5.4m value for the total deal.