Helicopter company is latest Russian to seek London float

STATE controlled JSC Russian Helicopters yesterday confirmed its intention to raise $500m (£308m) in a joint flotation in London and Moscow.

The offering is expected to consist of the sale of existing shares, primarily by the firm’s major shareholder Oboronprom, as well as up to $250m of primary shares in the form of Global Depository Receipts.

It will begin an initial public offering (IPO) roadshow in the week of 25 April, and says it will use the proceeds to pay off existing debt and to “fund certain mandatory tender offers for shares in its subsidiaries” which it does not already own.

Chief executive Dmitri Petrov said: “The IPO will help us to increase further our global market share and to continue to meet the needs of our customers around the world.”

Russian Helicopters is the latest in a string of Russian firms looking to London to float as market volatility, heightened by the Japan nuclear disaster, begins to dissipate.

Mid-size bank Nomos confirmed plans to float 20 per cent of its stock, and mobile phone retailer Euroset said this month it is seeking up to $1.52bn. Real estate developer Etalon began roadshows for a $650m float last week.