Support The Moscow Times!

Mostotrest Targets $496M in IPO

Mostotrest is seeking to raise as much as $496 million in an international public offering to fund upgrades and expand capacity as the government increases infrastructure spending, the Russian road and bridge builder said Wednesday.

Mostotrest is seeking to sell 62.1 million shares for $6.25 to $8 each, the company said in an e-mailed statement. This values the company between $1.55 billion and $2 billion. Deutsche Bank, JPMorgan Chase & Co. and Troika Dialog are managing the sale.

Government spending on transport infrastructure may double to 1.25 trillion rubles ($41 billion) a year by 2015, Mostotrest said. The builder had revenue of 31.4 billion rubles

and earnings before interest, tax, depreciation and amortization of 5.54 billion rubles in the first half of the year.

Arkady Rotenberg, a judo partner of Prime Minister Vladimir Putin, is a Mostotrest shareholder, as are national rail monopoly Russian Railways and the main investors in rail-cargo carrier Globaltrans Investment, Kommersant reported Oct. 7, citing chief executive Vladimir Vlasov.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more