April 12, 2011 / 10:15 AM / 8 years ago

Russian Helicopters seeks $500 mln in IPO

MOSCOW, April 12 (Reuters) - State controlled Russian Helicopters on Tuesday announced the intention to float, seeking to raise $500 million in London and Moscow.

“The offering is expected to consist of the sale of existing shares primarily by the company’s major shareholder, Oboronprom, as well as up to $250 million of primary shares in the form of GDRs,” Russian Helicopters said in a statement.

“The company currently plans to use the net proceeds ... to pay off existing debt and to fund certain mandatory tender offers for shares in its subsidiaries.”

The IPO roadshow will start in the week of April 25, a source told Reuters. (Reporting by Olga Popova; Writing by Toni Vorobyova; Editing by Andrey Ostroukh)

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