Arab Today, arab today russian \champagne\ maker abraudurso plans ipo before q2 \12
Last Updated : GMT 18:20:30
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Russian \'champagne\' maker Abrau-Durso plans IPO before Q2 \'12

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Arab Today, arab today Russian \'champagne\' maker Abrau-Durso plans IPO before Q2 \'12

Moscow - RIA Novosti

Russia's leading premium sparkling wine producer Abrau-Durso, valued at $100 million, plans an initial public offering at the end of 2011 or the start of 2012, a company spokesman said on Wednesday. "The shares are likely to be placed on the Moscow Interbank Currency Exchange, but we are not considering foreign trading floors yet," he said, adding that Abrau-Durso, set up in 1898, planned to sell about 15-20 percent of its stock. The company will use the funds raised in the IPO to develop its production capacities and vineyards. Solvalub group of companies, whose core business is mineral fertilizer production, holds a 58 percent share in Abrau-Durso. Abrau-Durso started the production of Sovetskoye Shampanskoye sparkling wine - the symbol of Russian New Year celebrations - in 1920.

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