"We are planning to float the first batch of an additional share offering in July 2007, in the worst-case scenario no later than September or October," Boris Vainzikher said, without specifying the size of the first batch.
Power Machines, Russia's largest engineering company, said earlier it plans to hold an initial public offering, worth around $400 million, in the second half of 2007.
Power Machines, which designs, produces, supplies, services and upgrades equipment for steam, nuclear, hydro, and gas turbine power plants, intends to raise its annual sales to $3 billion by 2015 compared with $600 million in 2006, Boris Vainzikher told a roundtable on the development of Russian machine manufacturing.
Power Machines, whose largest shareholders are Russia's electricity monopoly Unified Energy System and Germany's Siemens, which hold 25% plus one share each, and Interros, the holding company for the world's largest nickel producer, which owns 30.4 %, currently has a $2 billion order portfolio, which is the upper limit of the company's production capacity, the general director said.
The company has clients in 87 countries. Its revenues, calculated to Russian Accounting Standards, totaled almost $600 million in 2005, with a net profit of $7.1 million.
