See news archive

Evraz Chairman Abramov Plans an IPO for His Engineering Company

February 4, 2010

Feb. 4 (Bloomberg) ? Russian billionaire Alexander Abramov, chairman of steelmaker Evraz Group SA, said he plans an initial public offering for his engineering company OAO EnergoStroyInvest-Holding.

Shares of the company will be offered ?as soon as we are ready for it,? Abramov said in an interview at Troika Dialog?s Russia Forum in Moscow yesterday. Moscow-based EnergoStroyInvest builds power grids and plants for companies including the state monopoly Federal Grid Co. and had about $2 billion of revenue last year, Abramov said.

Abramov, 50, and his partners received about $3 billion in 2006 from the sale of half of their Evraz stake to Roman Abramovich, Russia?s richest man at the moment.

Russian companies will raise as much as $10 billion in new share sales this year, leading the most IPOs from central and eastern Europe since 2007, Reinout Koopmans, Deutsche Bank AG?s London-based head of equity capital markets for emerging Europe, said Feb. 1


Comments are closed.