25 November 2003 20:36
Irkut names Clifford Chance as IPO advisor
MOSCOW. Nov 25 (Interfax) - The Irkut aircraft manufacturer, best know for its Sukhoi warplanes, has named the
international law firm Clifford Chance as consultant for a 20% IPO in Russia early next year.
Irkut vice-president Sergei Tsivilev told said an international consultant was not mandatory for an offering in
Russia, but the company had decided to hire one anyway to "ensure transparency."
Russia's MDM Bank won a tender to lead-manage the IPO, which takes place on the Moscow Interbank Currency
Exchange (MICEX) and Russian Trading System (RTS) late February or early March.
The placement will consist of shares from a 10%-iusse that will be put to the vote at a December 2 EGM. It is
anticipated that the IPO's indicative price will be announced a month before the placement and its final price the
day before.
Irkut will use the proceeds to buy 75.46% of the shares in the A.S. Yakovlev Design Bureau and to finance the
development of military and civilian aircraft of the future.
Irkut estimates about 3%-5% of its shares are in free circulation at present. [RU ASIA EUROPE EEU EMRG STX ISU IPO
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