Russian Novaport plans IPO after consolidating 20 airport assets

Russian Novaport plans IPO after consolidating 20 airport assets
Russia’s largest airport Novaport plans an IPO or will attract a strategic investor
By bne IntelliNews February 12, 2018

Russia’s largest airport  holding Novaport plans an IPO or to attract a strategic investor after consolidating 20 airport assets, the co-owner of the holding Roman Trotsenko said on February 9 as cited by Interfax.

Novaport controls 14 regional airports, with the largest ones in the cities of Novosibirsk, Mineralny Vodi, Kaliningrad, Chelyabinsk, Perm, and a number of smaller airports. 

Total passenger turnover of the holding's assets is estimated at 16-17mn annually. To compare, total domestic passenger turnover of Russian airlines in January-October 2017 increased by 10.5% to 53.1mn.

Novaport is owned on the parity basis by Trotsenko's AEON Corporation and Kazakh investment fund Meridian Capital. The passenger turnover is planned to be increased to 21mn people from existing airports, with another 3mn people of turnover coming from new acquisitions.

In 2016 the company had a turnover of RUB20bn ($345mn) and Ebitda of RUB7.2bn, which were seen as good results by the analysts surveyed by Vedomosti daily. However, it was noted that amount of Novaport's undisclosed debt will be crucial for any deal.

Novaport is the largest airport holding in Russia, followed by Basic Element of Oleg Deripaska (15.3mn passengers) and Aeroporti Regionov of Viktor Vekselberg (11.8mn passengers).