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Ingosstrakh to Outrun ROSNO
Ingosstrakh could become Russia’s first insurer to make initial public offering (IPO). The company is expected to launch 15 percent to 20 percent of stocks on the London Stock Exchange (LSE) in the second half of this year, raising over $500 million as a result.
Ingosstrakh intends to launch 15 percent to 20 percent stocks worth $500 million; IPO lead managers are Deutsche Bank, Merrill Lynch and Morgan Stanley, Reuters announced Friday.
“The rumors about our IPO are long afloat, but holders have not explicitly committed us to get down to IPO,” Ingosstrakh Vice President Ilya Solomatin said Sunday. The holders will meet May 26 and there is no IPO item on the order of business, Solomatin specified, pointing out the order of business is closed a month before the date of the meeting, i.e. there is some time left. “I think the company is ready for IPO,” Solomatin said.
ROSNO is another big insurer that is said to be staging IPO but only for 2007. “ROSNO is completing the program of preparing for IPO, ROSNO CEO Leonid Melamed made clear. “Our holders [IFK Sistema and German Allianz AG] got the listing and require the same from us.”
www.kommersant.com
All the Article in Russian as of Apr. 03, 2006
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