U.S. markets closed
  • S&P 500

    3,821.35
    -20.59 (-0.54%)
     
  • Dow 30

    31,802.44
    +306.14 (+0.97%)
     
  • Nasdaq

    12,609.16
    -310.99 (-2.41%)
     
  • Russell 2000

    2,202.98
    +10.77 (+0.49%)
     
  • Crude Oil

    64.68
    -1.41 (-2.13%)
     
  • Gold

    1,679.80
    -18.70 (-1.10%)
     
  • Silver

    25.18
    -0.11 (-0.42%)
     
  • EUR/USD

    1.1850
    -0.0075 (-0.63%)
     
  • 10-Yr Bond

    1.5960
    +0.0420 (+2.70%)
     
  • GBP/USD

    1.3822
    -0.0006 (-0.04%)
     
  • USD/JPY

    108.9100
    +0.5280 (+0.49%)
     
  • BTC-USD

    51,684.18
    +1,580.70 (+3.15%)
     
  • CMC Crypto 200

    1,046.33
    +22.13 (+2.16%)
     
  • FTSE 100

    6,719.13
    +88.61 (+1.34%)
     
  • Nikkei 225

    28,743.25
    -121.07 (-0.42%)
     

Russia's Sistema lines up Segezha forestry group for potential IPO

·1 min read

MOSCOW, Nov 25 (Reuters) - Russian conglomerate Sistema is eyeing an initial public offering (IPO) for its forestry business Segezha Group, following the successful market debut of online retailer Ozon, which it co-owns, Sistema President Vladimir Chirakhov said on Wednesday.

Segezha, which comprises forestry, woodworking, pulp and paper operations, is next in line to go public, Chirakhov said in answer to a question about the IPO readiness of three of its divisions -- Segezha, agriculture holding company Steppe and the Medsi chain of medical clinics.

"All three assets are attracting quite high interest, including from international investors," Chirakhov said at the launch of Ozon's trading in Moscow.

Online retailer Ozon on Tuesday raised nearly $1 billion in its upsized IPO in New York and its shares soared more than 40% on debut.

Sistema and private equity group Baring Vostok each owned a 45% stake in Ozon before the listing, and strong demand for shares led to a reduction in their respective stakes to 33.1%.

Baring Vostok also suggested there could be an IPO in 2021 for one of the companies in its portfolio.

"There will be exits this year too, but not an IPO. There will be an IPO next year," Elena Ivashentseva, a Baring Vostok senior partner, said.

In December 2017, Sistema had said Segezha and Steppe could each raise no less than $350 million in a listing. (Reporting by Olga Popova; Writing by Alexander Marrow Editing by Katya Golubkova and Jane Merriman)