This week, Dennis Ludkovsky, chief executive of a leading mobile phone retailer in Russia, Svyaznoy told IFR that he is looking for a private equity buyer rather than going ahead with IPO plans. The Russian entrepreneur plans to sell up to thirty percent of the company in a PE buyout. Svyaznoy sells mobile phones and provides banking services in 776 Russian cities. According to IFR, research analysts valued the company at between USD1.8bn and USD2.6bn late last year when the firm was planning an IPO.
The news comes as yet another Russian company said that it had shelved its IPO plans in recent weeks. Kaspersky, the Internet security software company, is not pursuing an IPO that it had announced last year, according to both Reuters and Forbes. Kaspersky recently bought back shares from its PE backer General Atlantic Partners, as well as other smaller investors, reports Forbes this week.
Only one Russian company has floated in the past six months, RusPetro, an oil exploration company, according to FT blog beyondbrics.