CEO says Kaliningrad Amber Factory starts preparing for IPO

KALININGRAD, Feb 27 (PRIME) -- Kaliningrad Amber Factory, part of state industrial holding Rostec, has started appraising its readiness for an initial public offering (IPO) which may take at least two years, CEO Mikhail Zatsepin said at a news conference on Tuesday.

Zatsepin said that a decision to initiate an IPO has been approved by Rostec’s board of directors.

“We have invited serious experts to assess our possibilities… if we are able to meet the offering parameters and requirements. I think it will take at least two years. A working group will start operating soon and the terms will be clearer,” he said.

The CEO said that funds raised during the IPO may be used for further development and modernization.

In 2017, the facility boosted revenues by 3.3 times on the year to 3.977 billion rubles and the net profit by 8.4 times to 1.759 billion rubles, according to its information.

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