T Plus might revisit IPO plans in 2024

MOSCOW. May 25 (Interfax) - PJSC T Plus might revisit the possibility of an initial public offering next year, the Russian power company's CEO, Alexander Vilesov told reporters.

"At this point, no. I think that it will be possible to start talking about this next year," Vilesov said when asked if the company was considering plans to return to the stock market.

The possibility of a T Plus IPO was first raised at the end of 2021. "We're thinking about this. All of these qualitative changes that we're talking about, the ESG agenda, digitization, the qualitative change of the board of directors... I'm not saying that we [will do it] directly tomorrow. We're certainly thinking about this subject, certainly preparing. We're now determining the timing for ourselves," then CEO Andrei Vagner said at the time.

The company's shares traded on the Moscow Exchange from 2007 to 2016, when it delisted.

T Plus (known as KES Holding until June 2015) is a private company that combined the power generating assets of billionaire Viktor Vekselberg's Renova Group. It also includes gas and utility assets. Entities owned by Vekselberg reduced their stake in T Plus to 39.59% from 57.1% in September 2018.