April 4, 2018 / 6:06 AM / a year ago

Russia's IBS launches IPO on Moscow Exchange

MOSCOW, April 4 (Reuters) - Russian IT service company IBS said on Wednesday it was launching an initial public offering (IPO) of its shares on the Moscow Exchange.

The shares, both new and ordinary, will be offered by the company as well as by its shareholder, IBS Holding, owned by Anatoly Karachinskiy and Sergey Matsotskiy.

The additional share issue is expected to be over 50 percent of the offering, IBS said. Following the offering the free float is expected to amount to 30 percent to 35 percent of the enlarged share capital, it added.

IBS also said it intends to use the proceeds to strengthen and expand its business through both internal development and value-accretive M&A.

Citigroup and Renaissance Capital are acting as joint global coordinators and joint bookrunners. SOVA Capital is acting as joint bookrunner and Alfa-Bank as retail manager. (Writing by Polina Ivanova Editing by Katya Golubkova)

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