Owner: Sovcombank eyes $300–500 mln IPO, possibly in 2020

MOSCOW, Oct 3 (PRIME) -- Russia’s Sovcombank will be looking for an opportunity to raise $300–500 million through a share flotation from the beginning of 2020, co-owner and First Deputy CEO Sergei Khotimsky told reporters on Thursday.

“We have internal and external factors. We had to finish integration of Rosevrobank successfully and prove efficiency of (payment system) Khalva. The tasks are fulfilled, the processes should logically be finished at the end of the year, we will submit a report and then will be ready to start. We will be able to see further on,” Khotimsky said.

A possible IPO will not affect the operating structure of the business in 2020, the strategy of the bank will not change, the official said. A road show for the IPO is “not an issue of the next several quarters.”

No shareholder of Sovcombank plans to sell the stake, Khotimsky added.

“It’s very hard to manage a private business with 28 owners,” he said.

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