Based on the unchanged price range for the sale of its shares of Dh1.50 to Dh1.60, the revised IPO size is expected to rake range between Dh7 billion and Dh7.5 billion
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The 144-foot-tall Sutyagin House was situated in Arkhangelsk region, the regional emergencies department said Sunday.
The fire started at a nearby bath house and spread to the wooden skyscraper, completely destroying the lob cabin within a few hours.
“Strong winds spread the fire to the wooden skyscraper and completely engulfed it,” officials said.
The wooden residence was built by local entrepreneur Nikolai Sutyagin in 1992 without any construction permit and was reportedly the world’s tallest wooden building.
In the late 1990s, the construction was suspended after Sutyagin was sentenced to several years in prison for racketeering. It was restarted after he served his prison term.
In 2008, local authorities had recognized the wooden skyscraper as a fire hazard.
Based on the unchanged price range for the sale of its shares of Dh1.50 to Dh1.60, the revised IPO size is expected to rake range between Dh7 billion and Dh7.5 billion
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