November 26, 2010 / 1:27 PM / 9 years ago

Russia's no.1 airport targets $1 billion IPO: sources

MOSCOW/AMSTERDAM (Reuters) - Russian airport owner Domodedovo is putting together plans for a stock-market float in 2011 and could raise up to $1 billion, financial market sources told Reuters on Friday.

Five sources said the company, which owns Russia’s biggest airport, 22 km south-east of Moscow, was discussing plans for one of the first Russian IPOs of 2011.

“Domodedovo had thought about an IPO before the financial crisis and now is looking again at the idea. I think the deal could be planned for April and raise close to $1 billion,” one of the sources said.

A spokesman for Domodedovo declined to comment.

The Domodedovo IPO could get the Russian IPO market off to a good start next year after 2010 proved its best year since before the financial crisis.

Russian companies have raised around $5 billion in 2010 floats in London and Hong Kong as well as in Moscow — lower than early year predictions for a bumper $20 billion year but some way above the barren years of 2008 and 2009.

It is not yet clear which banks will act as organizers of the IPO.

Domodedovo served 2.47 million passengers in July 2010, according to trade group Airports Council International (ACI), up 18.4 percent in year-on-year terms.

That compared with 2.12 million passengers at Moscow’s second airport Sheremetyevo and 6.72 million at London’s Heathrow, the world’s busiest international airport.

Reporting by Olga Popova and Gleb Stolyarov in Moscow and Greg Roumeliotis in Amsterdam; Writing by John Bowker; Editing by Will Waterman

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