June 11, 2020 / 11:48 AM / 23 days ago

Russia's BCS Global Markets brokerage still aims for 2023 IPO

MOSCOW (Reuters) - BCS Global Markets, the investment banking division of Russia’s BCS Financial Group, is pushing ahead with plans for an initial public offering in 2023, but it said on Thursday it would not disclose major details at this early stage.

BCS is one of the largest brokerages in Russia, which has seen massive private investment inflow to its stock markets in the past two years as bank deposit rates declined during a period of central bank monetary easing.

The number of private investors could reach 7 million by the end of the year, according to analysts at Promsvyazbank, while the Moscow Exchange saw a surge in retail investors in March.

The group’s strategy is to achieve a $1 billion valuation for BCS Global Markets by the end of 2022, before going public, according to an article by the daily Kommersant in December 2019.

BCS Global Markets on Thursday told Reuters it was too early to talk about any details and configurations of the deal.

“The new strategy also depends in large part on external factors, which now regularly demonstrate their unpredictable nature,” BCS Global Markets CEO Alexei Gonus told Reuters.

BCS Group’s owner and president Oleg Mikhasenko last week said the investment bank was looking to expand into emerging markets beyond Russia.

“All EM markets are very interesting. The strategy involves intensive development into these markets, we will see how the new team does it,” he said, also adding that their goal was to launch an IPO of the investment bank in 2023.

Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; Editing by Kirsten Donovan

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