Russian pump manufacturer plans London IPO
Russian pump maker HMS Hydraulic Machines & Systems Group plc has announced plans for an initial public offering (IPO) on the London Stock Exchange. HMS Group CEO Artem Molchanov said: “Today’s announcement represents an exciting stage in our corporate development. We look forward both to capturing the opportunities of the fast growing pump and modular equipment markets to grow our business in Russia and the CIS, and also to the new opportunities that being a listed company will bring.”
The HMS Group is one of the largest pump manufacturers in Russia, with revenues of R14.8 billion and net profit of R83.2 million for the year ended 31 December 2009.
JP Morgan, Morgan Stanley and Renaissance Capital are joint global coordinators and joint bookrunners for the offering.