22 October 2003 02:04
Irkut aircraft corporation plans IPO early 2004
MOSCOW. Oct 22 (Interfax) - Russia's Irkut aircraft corporation, best known for its Sukhoi warplanes, is
planning to float 20% of its stock on the Moscow Interbank Currency Exchange (MICEX) and Russian Trading System (RTS) in
February or March 2004.
Irkut, which is the first Russian defense enterprise to be undergoing a US GAAP audit, said in a press release that
MDM Bank had won a tender for the right to organize the IPO, which will be used to finance the acquisition of 75.46% of
the shares in the Yakovlev Design Bureau, creator of the Yak aircraft, and to put new military and civilian aircraft on
the production line.
Half of the shares will be newly issued, and half of them will belong to current shareholders, Irkut said.
"The IPO will raise money for the acquisition and for research and development without increasing our debt
burden. It will enhance our share liquidity and investment appeal, and our capitalization," the press release
quoted Sergei Tsivilev, Irkut's president, as saying.
Irkut boosted US GAAP sales 72% from $308 million in 2001 to tentatively $528 million in 2002. The company, which has
an order book worth $4.5 billion at present, is being audited by KPMG.
Irkut Scientific Production Corporation (NPK Irkut) is a vertically-integrated holding company, based in Irkutsk. Its
shareholders are ZAO Kompaniya FTK (20.6%), the Forpost commercial bank (20.6%), the state-owned Sukhoi Aviation
Production Complex (14.7%), ZAO Aerokom (10.18%) and ZAO Brunswick UBS Warburg Nominees (nominal holder, 25.76%). Other
corporate shareholders own 4.9% and individuals 3.55% of the shares. [RU ASIA EUROPE EEU EMRG AER IPO ISU STX BNK MRG]
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