The Russian technology company Astra Linux plans to hold an initial public offering of shares (IPO) on the Moscow Stock Exchange, reported the newspaper Vedomosti, citing the company’s chief executive, Ilya Sivtsev, who did not disclose the term, values or terms of the transaction.
IPO activity picked up pace in Russia in 2021 and at least 10 companies were planning listings in 2022 before February 24, when Moscow sent troops to Ukraine, triggering Western sanctions that crippled the Russian financial sector.
Leonid Delitsyn, an analyst at Finam, said a preliminary valuation of Astra could be around 17 billion rubles, according to Vedomosti, in a report published on Thursday.
Raiffeisenbank analyst Sergei Libin estimated the company’s valuation at between 10 billion and 15 billion rubles.
An exodus, or in other cases eviction, of Western companies has particularly put pressure on imports from Russia, and the government has recognized the need to improve the country’s domestic production of information technology.
“Our mission is to ensure Russia’s technological sovereignty and leadership in the global information technology industry through the creation of core technologies as well as special and custom software,” says Astra Linux on its website.
Follow Money Times on Linkedin!
Stay well informed, post and interact with Money Times on Linkedin. In addition to staying on top of the main news, you have exclusive content about careers, participate in polls, understand the market and how to be ahead in your work. But that’s not all: you open new connections and find people who are a good addition to your network. No matter your profession, follow Money Times on Linkedin!
Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
