Rostelecom targeting H1 2026 for Solar IPO - CEO
MOSCOW. Dec 3 (Interfax) - Solar Group, the cybersecurity subsidiary of PJSC Rostelecom , could hold its IPO in the first half of 2026, with the telecom's board of directors having already reached the decision to go public, Rostelecom CEO Mikhail Oseevsky said.
"Solar is an undisputed leader in cybersecurity. Rostelecom's board of directors has already decided to list it on the stock exchange, though this would likely happen next year. I would say cautiously in the first half [of 2026]," Oseevsky said at the Russia Calling! forum.
Oseevsky also said that another Rostelecom subsidiary, RTC-Data Center (RTC-DC), is nearly prepared for an IPO.
"We are at a high level of readiness to list RTC-DC, our joint venture with VTB Bank . However, it is a very large company, thus we will definitely choose the right time. We are largely focusing on the situation on the money market and key rates. Therefore, we will monitor how these unfold. Our colleagues at VTB are absolute experts in the area, so we will follow their lead," Oseevsky said.
Rostelecom expected to float RTC-DC on the stock exchange in 2024 and was looking at an autumn window to offer around 10% of its shares, but this was put off until the market improved. The Solar flotation was to have followed the cloud subsidiary's IPO.
Those plans are currently on hold due to an unfavorable market but both companies are technically ready to be floated, Oseevsky said in May last year. The Central Bank's key rate would have to fall to 10% to make this possible, he said.
Solar CEO Igor Lyapunov has told Interfax that the IPO's goals include raising funds for the company's development and assessing Rostelecom's market capitalization.
RTC-DC chief Sergei Bochkarev has said the main reasons for the IPO are to boost business growth and improve governance rather than raise money.
"Our objective at this stage is not to raise funds. Preparing for an IPO is definitely improving the quality of governance within the company. The company is becoming public, it is acquiring obligations not to two shareholders, but to a huge number, it is becoming absolutely transparent. In other words, the IPO disciplines, let's say, for one thing. Secondly, when you're transparent, unlike other commercial data center players, you get a certain value in terms of participation in tender procedures to select suppliers. Therefore, an IPO also acts as a kind of driver of the business's growth," Bochkarev said.
