Russian Helicopters' London flotation fails to get off the ground

The state-backed aircraft maker Russian Helicopters has shelved its proposed float in London after failing to attract enough investors.

Andrei Reus, chief executive of parent company Oboronprom, said he believed the market will "benefit from more time to reflect upon the true value and growth potential of our business".

The pulling of the IPO is the latest in a line of setbacks for Russian companies trying to list in London. The likes of Etalon, the property developer, have made it to the market at the bottom of their price range, while mobile phone retailer Euroset was forced to scrap IPO plans.

In total, 10 Russian companies have tried to float in London since the start of the year, but only four have made it.

Russian Helicopters, which has made one in 10 of the world's helicopter fleet, planned to raise about $500m (£306m). It wanted to issue $250m in new shares and sell $250m held by Russian state-controlled defence group Oboronprom to pay down debt and invest in an expansion plan.

However, investors are understood to have been put off by the valuation of the company of up to $2.4bn, despite claims from management that Russian Helicopters is "already the undisputed leader in some of the most attractive and fastest growing markets".
http://www.telegraph.co.uk/finance/newsbysector/industry/8508022/Russian-Helicopters-London-flotation-fails-to-get-off-the-ground.html

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