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Novaport mulls IPO, new investor: Interfax
Posted on Monday, 12 February 2018 10:42
A long-rumoured initial public offering (IPO) of Novaport is back in the headlines after Interfax reported that billionaire Roman Trotsenko's airport holding company is once again considering opening up its capital to new shareholders.
Russia’s largest air transport hub operator is weighing up a listing against bringing in a strategic investor after consolidating 20 assets, and is likely to make a decision at some point next year, the news agency noted.
Novaport controls 14 regional airports, the largest of which are Novosibirsk, Mineralnye Vody, Kaliningrad, Chelyabinsk and Perm, as well as several smaller ones such as Kemerovo or Ulan-Ud.
The group is the largest air hub holding comapny, based on number of passengers of reportedly between 16.00 million and 17.00 million each year; it is ahead of the air transport business of Oleg Deripaska’s Basic Element and Renova’s Aeroporti Regionov.
It is owned on a parity basis by Trotsenko's Aeon Corp and the Kazakhstan investment fund Meridian Capital.
Novaport generated earnings before interest, tax, depreciation and amortisation of RUB 7.20 billion (USD 123.29 million) on turnover of RUB 20.00 billion in 2016, according to a 2017 presentation.
The group wants to increase passenger traffic to 21.30 million by 2021, to become the largest regional airport network operator, based on number of assets and footfall, in the Commonwealth of Independent States.
It will develop existing locations but also intends to expand through new acquisitions, which should add a further 3.00 million in traffic to the organic target of 21.30 million.
ACRA analyst Alexander Gushchin told Vedmosti that investors are attracted to growing businesses but, ultimately, interest would be determined by the amount of debt that Novaport is not currently disclosing.
Separately, Mikhail Ganelin of Aton told the newspaper that backers are keen on transport infrastructure companies but the main question would be price.
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