Russia's MTS Bank plans potential $165 million spring IPO, sources say

russia's mts bank plans potential $165 million spring ipo, sources say

FILE PHOTO: A logo of MTS Bank is seen on a building in central Moscow, Russia, March 10, 2016. REUTERS/Maxim Shemetov/FILE PHOTO

MOSCOW (Reuters) – MTS Bank, the fintech unit of Russia’s largest mobile operator MTS, is planning an initial public offering (IPO) this spring and could raise up to 15 billion roubles ($165 million), four people close to the matter told Reuters.

Four people said the company was planning to raise up to 15 billion roubles. Another two people said the capital raised would be up to 10-11 billion roubles.

The company eyed a listing in 2022, before Russia’s sending its army into Ukraine led to an exodus of Western capital and investors, cooling Russia’s equity capital market. The handful of market debuts since have been characterised by small capital raises and retail investor participation.

“As an actively growing bank, we do not exclude various development scenarios, however it is too early to talk about any concrete plans,” MTS Bank said in response to a request for comment.

MTS Bank is Russia’s 30th largest lender by assets, according to the central bank.

($1 = 91.1275 roubles)

(Reporting by Olga Popova; additional reporting by Elena Fabrichnaya; writing by Alexander Marrow; editing by David Goodman and Jason Neely)

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