MOSCOW, Jan 18 (PRIME) -- Russian multi-industry holding Sistema is preparing its subsidiary pulp and paper holding Segezha Group for a possible initial public offering (IPO) in 2021 if the market conditions are favorable, Sistema said in a statement on Monday.
“Sistema … announces that further to prior statements by Sistema’s management on the topic, Sistema is preparing its portfolio company Segezha Group for a potential IPO in 2021, subject to market conditions. No formal decision regarding the IPO of Segezha Group has been taken,” the statement read.
In November 2020, Sistema President Vladimir Chirakhov said that Segezha was the next asset of Sistema that was ready for an IPO.
Segezha Group’s revenue rose by 38% on the year to 18.966 billion rubles in July–September 2020, with adjusted operating income before depreciation and amortization (OIBDA) doubling to 5.079 billion rubles and the OIBDA margin rising to 26.8% from 18% in the same period of 2019.
(73.5453 rubles – U.S. $1)
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