OAO Sitronics, a technology unit of Russian billionaire Vladimir Yevtushenkov's AFK Sistema, will start trading on the Russian Trading System board on Monday as it prepares for an initial public offering.
Sitronics will enter the RTS board for an indicative trading and will be under the ticker SITR RU, the Moscow-based exchange said in an e-mailed statement today.
Credit Suisse Group and Renaissance Capital which organize the IPO value the company between $2 billion and $2.4 billion and between $2.2 billion and $2.6 billion respectively, according to their analytical reports.
Sitronics, which develops software and makes telecommunications equipment, plans to sell as much as $550 million of shares in an initial public offering in London and Moscow to fund expansion, Alexander Boreyko, head of investor relations at the company, said Jan. 9.
Sistema has said it plans to sell about 20 percent of Sitronics in an IPO in February, and expects it will value the company at about $2.5 billion. Sitronics has offices in 25 countries, including manufacturing facilities in Prague and Athens, and sells its products in more than 60 countries.
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