Russia's United Shipbuilding may hold IPO in 2013
Russia's state-run United Shipbuilding Corporation may sell 20-30 percent of its shares in an initial public offering in 2013, USC President Roman Trotsenko said on Thursday.
"It's up to the government to decide but let me presume that the level of 25-30 percent is the optimal one. Perhaps, this will be a 'popular' IPO. In any case, it will give us an estimate and help use our securities in transactions, to say nothing about corporate management standards and other things," he said in an interview with Kommersant business daily.
Currently, USC is basically oriented to military production but the company plans to level civilian and military output in the future, Trotsenko added.
"On the whole our task is to turn USC into an analogue of the American Northrop Grumman, I mean a serious company, which would be public, transparent, efficiently managed and engaged in the production of both submarine and surface fleets, for exports and for the country's own needs," he said.
"Our market stipulates the need for complex underwater work, the development of the Arctic and all operations related to ice-class ships and harsh climatic conditions" he said.
Trotsenko said Russia accounted for a modest 0.4 percent of global civilian shipbuilding and slightly over three percent in military shipbuilding.
"If we manage to build up our share in world shipbuilding to five percent, we'll be able to say that we have accomplished the task," he said, adding that the company's order portfolio currently stood at $5 billion.
Speaking about a tender for the construction and purchase of helicopter carriers for the Russian Navy announced by the Defense Ministry and the possible acquisition of French Mistral-type helicopter carriers, Trotsenko said that USC was able to construct similar warships "within an acceptable timeframe and at competitive prices," adding that this would take about 30 months and cost $500-700 million, excluding helicopters and amphibious craft.
Trotsenko said, however, that Russia was seriously behind other countries in the development of communications and information processing but said that the company was ready to learn, acquire technologies and gain experience in its partnership with French companies.
Russia is currently negotiating a possible acquisition of four Mistral class ships and insists that only the first two vessels should be built in France, while the production of the remaining two ships should be completely in Russia. According to several French media, one Mistral class helicopter carrier will cost about 400-500 million euros.
Commenting on the company's plans to buy the shipbuilding assets of United Industrial Corporation owned by Russian billionaire Sergei Pugachyov, Trotsenko said that a valuation of the assets was currently under way and it was premature to discuss the issue, adding, however, that the company was interested in their purchase.
"It's up to the government to decide but let me presume that the level of 25-30 percent is the optimal one. Perhaps, this will be a 'popular' IPO. In any case, it will give us an estimate and help use our securities in transactions, to say nothing about corporate management standards and other things," he said in an interview with Kommersant business daily.
Currently, USC is basically oriented to military production but the company plans to level civilian and military output in the future, Trotsenko added.
"On the whole our task is to turn USC into an analogue of the American Northrop Grumman, I mean a serious company, which would be public, transparent, efficiently managed and engaged in the production of both submarine and surface fleets, for exports and for the country's own needs," he said.
"Our market stipulates the need for complex underwater work, the development of the Arctic and all operations related to ice-class ships and harsh climatic conditions" he said.
Trotsenko said Russia accounted for a modest 0.4 percent of global civilian shipbuilding and slightly over three percent in military shipbuilding.
"If we manage to build up our share in world shipbuilding to five percent, we'll be able to say that we have accomplished the task," he said, adding that the company's order portfolio currently stood at $5 billion.
Speaking about a tender for the construction and purchase of helicopter carriers for the Russian Navy announced by the Defense Ministry and the possible acquisition of French Mistral-type helicopter carriers, Trotsenko said that USC was able to construct similar warships "within an acceptable timeframe and at competitive prices," adding that this would take about 30 months and cost $500-700 million, excluding helicopters and amphibious craft.
Trotsenko said, however, that Russia was seriously behind other countries in the development of communications and information processing but said that the company was ready to learn, acquire technologies and gain experience in its partnership with French companies.
Russia is currently negotiating a possible acquisition of four Mistral class ships and insists that only the first two vessels should be built in France, while the production of the remaining two ships should be completely in Russia. According to several French media, one Mistral class helicopter carrier will cost about 400-500 million euros.
Commenting on the company's plans to buy the shipbuilding assets of United Industrial Corporation owned by Russian billionaire Sergei Pugachyov, Trotsenko said that a valuation of the assets was currently under way and it was premature to discuss the issue, adding, however, that the company was interested in their purchase.
