Russian Helicopters may have IPO next spring
GELENDZHIK. Sept 6 (Interfax) - OJSC Russian Helicopters is not ruling out the possibility of going with an IPO during the spring of next year, the company's General Director Dmitry Petrov said Thursday at Hydroaviation Salon-2012 in Gelendzhik.
"We were ready to do it this fall, but the market is not ready, so most likely we'll do it in the spring of next year," Petrov said. The possibility of placing shares on three floors is being looked over, among those being floors in Southeast Asia, London, and the United States, he said.
"We are leaning toward Southeast Asia and America. The floor is more lively in the United States," he said, adding that the final decision lies with the underwriting banks. Russian Helicopters is still planning to place 20% to 25% of its stock.
Russian Helicopters had planned to place shares in London in the spring of last year. The company valued itself in the run-up to its IPO at $1.8-$2.4 billion and was planning to place shares worth more than $500 million, of which up to $250 million would be additionally issued shares. The proceeds were to go to paying down debt and the purchase of stock in the company's subsidiaries. The remaining monies would have gone to main shareholder Oboronprom. The IPO organizers were VTB , Merrill Lynch, and BNP Paribas.
