Russia's Polyplast plans IPO

By bne IntelliNews October 11, 2012

bne -

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.

Related Articles

Drum rolls in the great disappearing act of Russia's banks

Jason Corcoran in Moscow - Russian banks are disappearing at the fastest rate ever as the country's deepening recession makes it easier for the central bank to expose money laundering, dodgy lending ... more

Kremlin: No evidence in Olympic doping allegations against Russia

bne IntelliNews - The Kremlin supported by national sports authorities has brushed aside "groundless" allegations of a mass doping scam involving Russian athletes after the World Anti-Doping Agency ... more

PROFILE: Day of reckoning comes for eccentric owner of Russian bank Uralsib

Jason Corcoran in Moscow - Revelations and mysticism may have been the stock-in-trade of Nikolai Tsvetkov’s management style, but ultimately they didn’t help him to hold on to his ... more

Dismiss