23 May 2013 10:59

UTair might have 10%-15% free float after IPO - paper

MOSCOW. May 23 (Interfax) - The management of Russian airline OJSC UTair thinks that the company will have free float of 10%-15% after its initial public offering (IPO).

"We'd like it to be an appreciable volume, 10%-15% at minimum. Right now approximately 8% is officially in free float, but it's actually much less," UTair chief Andrei Martirosov said in an interview with the newspaper Vedomosti.

The airline is currently in talks with shareholders about a stock option program for the management, he said.

As reported, UTair might hold its IPO this year on foreign markets at $100-$350 million. It is also considering a private placement. UTair's main shareholder is non-state pension fund Surgutneftegas, which holds 60.67% of its shares.