04 November 2003 17:36
Russian military plane manufacturer seeks stock market listing
Irkutsk, 4 November: Russia's Irkut aircraft building corporation plans to raise 150-200m dollars at an initial
public offering (IPO) of shares in February-March 2004, the company's president Aleksey Fedorov told reporters on
Tuesday [4 November].
In May, the company's capitalization, according to the Vedomosti daily newspaper, was estimated at 300m dollars.
Fedorov estimated that after the IPO the company's capitalization should increase to 450-500m dollars. Earlier the
company said the IPO will be carried out on the RTS electronic stock exchange and the Moscow Interbank Currency Exchange
(MICEX) and the shares offered will account for 20 per cent of the company's capital. Thus, Irkut would become the
only defence industry company in Russia whose stock is traded on the stock exchange, Mikhail Leshchenko, vice-president
of MDM-bank said [on[ 22 October. MDM-bank is the lead manager for the IPO.
The bank might also become the issue's underwriter, Leshchenko said. Irkut plans a road show in Moscow, London
and New York for February.
The bank will first buy the bonds and then sell them to investors, Leshchenko noted. After the shares have been
placed on the Russian market, the company plans to get listed on the London Stock Exchange, Leshchenko said. The
company's capital is divided into 791.1m shares.
Irkut's main shareholders include Russia's Brunswick UBS Warburg Nominees with a 25.76-per-cent stake, the
FTK company with 19.97 per cent, commercial bank Forpost with 19.86 per cent, the Sukhoi Corporation with 14.7 per cent
and the Aerocom radio technology producer with a 10.18-per-cent stake. Another 4.75 per cent belong to other companies
and the remaining 4.78 per cent belong to private individuals, including 2.01 per cent to the company's
employees.
[Prime-TASS news agency] |
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