RUSSIAN Travel Agency (RTA) is expected to file a preliminary application for a private equity company to sell shares in its business, RTA said on Monday.RTA said the company plans to raise up to $100 million through an IPO.
It will be led by former President Vladimir Putin’s son-in-law Yuri Lebedev, who is currently serving as chairman of the board of RTA.
“The company is focused on providing its services in Russia, but also abroad,” Lebedevs spokesman Ilya Kuzmin said in a statement.
“This includes developing the company into a global company that will have a global reach,” Lebdedev said.
“We are also planning to expand our presence in Russia and abroad in the coming years.”
The company has not said how it plans to invest in the IPO, but the timing could be favorable given the Russian economy’s slowing growth and a sharp fall in oil prices.
The government has been slow to allow Russian companies to operate overseas after a ban on foreign ownership was lifted in January.
The government is now trying to boost foreign investment in the country.
Lebedev’s decision to run the company could help ease some of the financial burdens associated with the IPO and bring in more investment.
