28 Oct 2009 10:55

Nauka-Svyaz plans to raise about 150 mln rubles in IPO on MICEX

MOSCOW. Oct 28 (Interfax) - Telecommunications company Nauka-Svyaz plans to sell 15% of shares in an IPO on the innovative and developing companies' section of the MICEX exchange at the end of the year.

"We see a fair valuation of the company at about 1 billion-1.2 billion rubles, the deputy general director for corporate finance, Dmitry Shteinsapir, said at a company presentation.

The IPO might raise about 150 million rubles, he said.

The IPO will include existing shares, whose current owners will than buy shares in a supplementary issue. Thus, all of the proceeds from the IPO will accrue to the company.

Nauka-Svyaz plans to use the money to purchase other operators. The company has identified three acquisitions in St. Petersburg, Perm and Chelyabinsk.

Nauka-Svyaz provides telecommunications services to corporate clients and business centers. The company operates in Moscow and a host of Russian regions and in Ukraine. It serves over 8,200 clients, has 47,400 numbers and owns about 500 kilometers of fiber optic lines.

The company targets revenue to rise 14% to 871 million rubles in 2009, with EBITDA amounting to 157 million rubles and a margin of 18%. Net profit will total 43 million rubles. It plans to boost revenue by an average of 30% a year to 2012 and raise the EBITDA margin to 30%.