Svyaznoy, one of Russia's largest retailers of mobile phones, services and accessories, may hold an Initial Public Offering in the second quarter of 2012, General Director Denis Lyudkovsky said on Wednesday.
"We want to be prepared for it. If market conditions are favorable, (the IPO) may be held in the second quarter of 2012, but there is no final decision yet," Lyudkovsky told reporters, adding that the company might use other ways to raise funds such as loans or a private offering.
He also said that Svyaznoy would watch the market and results of an IPO by Euroset, its core competitor.
Euroset has said it planned to float in London this April.
"Our company will be no cheaper than Euroset at the IPO," said Svyaznoy President and its core owner Maxim Nogotkov.
He said that an IPO was one of the ways to sell shares next year and a final decision on the sale had not yet been taken. He said Svyaznoy needed money to fund the development of a recently created Svyaznoy bank.
Nogotkov did not specify the size of the stake to be offered for the IPO, adding he wanted to keep control over the firm.
MOSCOW, March 23 (RIA Novosti)
