Organizer of Neftetransservis IPO values company at $1.4-$1.8 bln
MOSCOW. Jan 18 (Interfax) - Renaissance Capital, one of the organizers of the initial public offering (IPO) for CJSC Neftetransservis (NTS), has valued the railway operator at $1.4-$1.8 billion.
These calculations are contained in NTS' IPO materials, which have been seen by Interfax.
On Tuesday, NTS announced its plans to conduct an IPO on the London Stock Exchange (LSE) by the end of the first half of this year. Citing information of the organizers, sources told Interfax that the investor education phase has already begun, although it has not yet been determined when the IPO itself will be held.
NTS Holding Plc is expected to place around 25% of its enlarged share capital on the LSE.
J.P. Morgan, Morgan Stanley and Renaissance Capital have been appointed to organize the IPO. Gazprombank is acting as the co-manager.
Right now, NTS is focused on handling oil and petroleum products, iron and manganese ore, ferrous metals, coal and building materials in Russia and Kazakhstan. As of September 30 of last year, NTS was managing over 67,300 railcars, including about 32,500 gondola cars and 24,800 tankers - 8.2% and 8% of the total number in Russia, respectively - as well as 39 locomotives (that number had reached 43 by the end of the year).
According to the company's data, its adjusted revenue for January-September 2012 totaled 33.7 billion rubles, and earnings before taxes, depreciation and amortization (EBITDA) came to 13.5 billion rubles (up 23% and 53%, respectively). Shipments grew by roughly 14% to 59.6 million tonnes.
NTS became widely known after it acquired 20,000 gondola cars with expired terms of service from OJSC Russian Railways (RZD) at auction in 2010. Later, NTS submitted an application to purchase 75% minus two shares of Russia's largest railway car owner - OJSC Freight One Company (in the end, the stake was purchased by Vladimir Lisin's UCL) - from RZD.