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April IPO Planned for ProfMedia

Posted Thu, 07/01/2010 - 15:18 by Invest-IQ Team

Russian media giant ProfMedia announced in November of last year its plans to de-list Rambler Media from the London Stock Exchange's Alternative Investment Market. Now the company is looking to offer up to 40% of its own stock in a London IPO set for April of this year. The offering, which could potentially raise USD 800 million to USD 1 billion, would increase the value of ProfMedia to nearly USD 2.5 billion.

The new capital will be used to reduce the company's current USD 3 billion debt to Russia's VTB bank. Merrill Lynch and Credit Suisse have been selected as the underwriters for the IPO.

ProfMedia (www.profmedia.ru)
ProfMedia is Russia's largest media holding company, with operations across a wide spectrum of entertainment and family-focused media platforms. Its TV holdings operate Russia's national TV network, TV3, as well Russian versions of the popular music channels MTV and VH1. Radio holdings include flagship station Avtoradio and several top-tier radio stations in Moscow and St. Petersburg.

ProfMedia is also involved in film production and distribution, cinema chains, and both web and print media.

In 2008 ProfMedia earned USD 171.2 million (EBITDA) on total revenues of USD 639.4 million. Founded in 1997, the company employs 3,370 people and is based in Moscow.