Gazprom Energoholding is going for an IPO
17 September 2014
Gazprom Energoholding (GEH) hopes to hold an IPO of 5-10% shares in 2016. An IPO is needed to capitalize the company and return Gazprom’s investments in the electric power industry, the State Geological Exchange explained. Gazprom finances the investment programs of its energy companies. At the end of 2013, OGK-2’s debt to the Gazprom group amounted to 24.2 billion rubles, then the company entered into agreements to raise another 15.6 billion rubles. Gazprom financed the purchase of the Moscow United Energy Company (MOEK) from Moscow for 98.6 billion rubles. GEH has been talking about plans for an IPO since 2010. The GEH explained to Kommersant that for now they see 2016 as the most favorable time, but the company will listen to the recommendations of investment banks.
GEH owns controlling stakes in OGK-2, Mosenergo, MOEK and TGK-1 (more than 80 power plants with a capacity of over 37 GW, 17% of the power of the Russian Federation). The holding’s revenue for 2013, according to the company and excluding MOEK, was 338.6 billion rubles, net profit was 18 billion rubles.
