Interros not rejecting ProfMedia IPO, but doesn't see need - Potanin
MOSCOW. Dec 9 (Interfax) - Interros is not rejecting the idea of the holding ProfMedia conducting an IPO, but does not see any need for it.
"We are retaining this possibility for ourselves," Interros chief Vladimir Potanin told the press.
The ProfMedia IPO is at a high state of readiness, and the company will need four months from the time the decision is made to go on-market, Potanin said.
He did not respond to a question about when such a decision might be made, or would it be done in 2011. "Markets are not in a condition today that is optimal for an IPO," he said.
Potanin said he did not see any urgency in the question of a possible ProfMedia IPO, as neither the company nor its shareholders are not in need of funds. "The company made it through the crisis period successfully, moving from a cash-spending model to a cash-generating one, and does not need a financial injection. And we have no need to take money from ProfMedia and allocate it to a different project," he said.
"There is no urgency, and we view this IPO as the appearance on the market of a blue chip and its capitalization," Potanin said.
It was reported previously that ProfMedia had considered the possibility of an IPO offer of up to $500 million on the London Stock Exchange this spring. Bank of America Merrill Lynch and Credit Suisse were selected as the placement organizers.