Chemicals group Polyplast is the latest Russian company to announce IPO plans. The company announced on October 10 that it will offer a 24% stake on Moscow's Micex exchange in December, with hopes to raise RUB1.2bn ($38.5m).
The company is 80% owned by Chairman Ilsur Shamsutdinov, while CEO Alexander Kovalev holds another 20%. The stakeholders will see their interests reduced to 60.8% and 15.2%, respectively. The money will be used to recapitalize the company to continue its growth, a company statement said.
Polyplast revenues exceeded RUB4bn in 2011 according to its IFRS accounts. EBITDA amounted to about RUB610m and it has RUB2bn of net debt. The IPO multiple is EV/EBITDA 11.6.
The company has a leading position in the market of construction chemicals and shows strong growth with revenue growing by more than 20% per year and high cost-effectiveness, according to analysts at Finam Management. The gross profit margin of the company increased in 2011 from 37% to 42%, while net income rose almost doubled to RUB175.5m.
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