17 October, 2011 Russian electronic archives developer OSG Records Management intends to carry out an IPO in the near future, RBC Daily reports citing the company. According to the company, it needs additional funding to support its fast growth.
The private investment fund Aurora Russia Limited is preparing to place Russian company OSG Records Management on a stock exchange. The company specializes in creating paper and electronic archives, data storage, documents digitalizing. The fund Aurora Russia Limited owns 95.5% shares in the company. OSG Records Management’s IPO is expected to take place in Q1 2012.
“For us Poland is the second market after Russia, that is why one of the IPO options is the Warsaw Stock Exchange,” Mikhail Shorokhov, the acting financial director of OSG Records Management, said. According to him, the decision on IPO is pushed by the company’s fast development. “The customers’ demand for services we provide is constantly rising, especially in Russia. We need funding to finance this growth,” Mr. Shorokhov noted. He specifies, that because of increased sales the company needs to increase expenses on equipment, as it needs to buy transport vehicles, shelves for storing documents, scanners, servers and other IT equipment.
According to data, published by Aurora Russia Limited, between January and August 2011 OSG Records Management’s revenues grew by 34% – to $17.9m. EBITDA in the same time period added 30% and totaled $2m.
In the long-term perspective, Aurora Russia Limited, in cooperation with other shareholders intends to carry out IPOs of two other Russian companies – money transfer system Unistream and DIY retail chain Superstroy. The fund has also announced plans to withdraw itself from the loss-making retail bank Flexinvest.