State-owned USC to go public in 2014
State-owned shipbuilding holding United Shipbuilding Corporation (USC) intends to hold an initial public offering in 2014, the company's President Andrey Dyachkov told reporters, RBC reports.
According to Dyachkov, the company is in the process of switching over to International Financial Reporting Standards, which could take more than a year. USC would also like to see how state-owned shipping company Sovcomflot performs on the market after going public, he pointed out.
Earlier, USC former President Roman Trotsenko had said that it would be advisable for the company to float its shares in two stages by selling 15%-20% of its shares in 2013-2014, and offering more shares during a secondary public offering in 2014-2015, raising a total of $3.5bn-$4bn, while the state should retain the controlling stake.
