Executive says Russian developer Inteko prepares for IPO

MOSCOW, Dec 20 (PRIME) -- Russian real estate developer Inteko is preparing for an initial public offering (IPO) after 2023, President Alexander Nikolayev told PRIME on Friday.

“We’ve never rejected these plans. In the framework of everything that depends on us, we have to ensure creation of a company that is capable of offering any scenario for a shareholder exit, starting from a public placement and ending with a sale to a strategic investor,” he said.

Everything will depend on the market situation. “We may find ourselves in a situation when sales of large-scale projects are impossible due to geopolitics or macroeconomics. I hope that interest in the Russian stock market will grow. For now, we expect a possibility of a partial or full shareholder exit in 2023, but it is not like this will happen definitely,” he said.

The company expects its revenue to amount to about 18 billion rubles this year, with earnings before interest, taxes, depreciation, and amortization (EBITDA) standing at about 1.2 billion rubles.

“We expect rather active growth next year taking into account the projects that we’ve launched this year. I think our revenue will grow by 70% while the EBITDA indicator will grow fivefold,” he said.

(62.5283 rubles – U.S. $1)

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