IFC considers the opportunity of allocating up to 16% of its shares at Hong Kong Stock Exchange in 2010, said Vasily Prutkovsky, Vice President of the United Aircraft Corporation (OAK) Open Joint Stock Company, which owns 50.88% of IFC's shares.
“The Board of Directors allowed the company’s management to negotiate the IPO issue”, says Alexander Rubtsov, Director General of IFC. “We are now working with consultants. The shareholders’ decision – whether we will enter the stock or not – will be made before the end of the year. The Company expects to gain $200-250 mln through IPO. IFC needs the money to produce and sell aircrafts.”
“Proceeding from the above-mentioned volume of allocation, and the monies which IFC expects to gain, the value of the entire company will amount to $1.25 – 1.56 billion. Its value now is approximately 20 billion Roubles (or $693 million, at the exchange rate of the Central Bank of Russia as of 21.11.09), calculated Mr. Prutkovsky.
The National Reserve Corporation (NRC, owning 25.8% of IFC) suggests that the asset costs more – almost 26 billion Roubles ($901.21 mln.). This figure, with the reference to E&Y’s assessment, was announced by Mr. Alexander Lebedev, the owner of the NRC. Vnesheconombank’s (owning 21.4% of IFC) representative refused to comment. Mr. Lebedev suuports the IPO idea, although he is going to sell the leasing company’s shares to VEB.
“Hong Kong is a dynamically developing market, it has caught up with London in terms of transactions volumes”. This is how Mr. Rubtsov explained his choice of the business area. “Political understandings between Russia and China will also promote our allocation here. However, according to Evgeny Shago, analyst of Ingosstrakh-Investment, “Asian investors do not have any idea of IFC, or its products”. The analyst does not exclude, that new IFC’s shares will be bought by the Russian State Bank.