April 4, 2018 / 11:07 AM / in 3 months

Russian property developer Samolet Group plans IPO - sources

MOSCOW, April 4 (Reuters) - Russian real estate developer Samolet Group plans to hold an initial public offering (IPO) this year or next, two financial market sources and a source familiar with the company’s plans told Reuters.

Samolet, which was founded in 2012 and focuses on building houses in the Moscow region, is finalising the process of issuing lead underwriter mandates, two sources said.

The share sale could happen at the end of 2018 or in 2019, the sources said. One of the sources said it was likely to be carried out on the Moscow Exchange.

A Samolet spokesman said the company was considering an IPO in the medium term along with other fundraising options but that it was too early to talk about details and timeframe.

Samolet made a net profit of 2.7 billion roubles ($46.7 million) in 2016, down from 4.3 billion roubles in 2015, although revenue almost doubled to 25 billion roubles, it said in its annual report.

No information was immediately available on the market value of its portfolio.

Samolet, whose land bank stands at around 17 million square metres (180 million square feet), is owned by Mikhail Kenin, a business partner of Maxim Vorobyov, brother of the governor of the Moscow region.

Kenin and Vorobyov co-own a subsidiary of Samolet Group and both have stakes in fish farming company Russian Aquaculture . ($1 = 57.8470 roubles) (Reporting by Olga Popova, Oksana Kobzeva and Olga Sichkar; writing by Maria Kiselyova; Editing by Adrian Croft)

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