Russian IBS IT Services plans to raise over $100mn at an IPO on Moscow Exchange (MOEX) to develop business solutions and consulting segments, Bloomberg and Vedomosti daily reported on March 1 citing unnamed sources.
"We are in the midst of a digital transformation and things are moving extremely quickly,” IBS CEO Svetlana Balanova recently told bne IntelliNews in an exclusive interview.
In 2013 IBS decided to spin off the international business and set up Luxoft that focuses on international clients, which held an $80mn IPO in May 2013. IBS deals with Russian clients.
Today, Luxoft with capitalisation of $1.45bn is the number one international software company in many of its niches and holds a large share of the US automotive and aviation software markets, to give two examples.
Now IBS could reportedly hold another IPO already in April, with Citigroup and Renaissance Capital hired as possible organisers of the offering.
Currently the company is providing system integration services, tailoring software of external vendors such as SAP or Cisco Systems to the needs of their clients. The funds raised from the IPO could be used to develop own services for large corporations, Balanova told bne.