Russian Navigation Technologies (RNT) IPO Announced

17 June 2010

Russian Navigation Technologies (hereinafter ‘Company or ‘RNT’) IPO, one of the Russian transport monitoring market leaders, announced the details of a planned public offering of ordinary shares of the Company (‘Offering’).

The IPO is a public offering of placed ordinary shares of the Company by FIAZIOR HOLDING LTD. (‘Seller Shareholder’). The Company has filed for RNT ordinary shares to be listed for trading on MICEX, in the innovative and emerging companies sector.

OTKRYTIE Investment Bank acts as the IPO Organizer. VTB Capital acts as the Financial Advisor to RNT in the IPO. The major shareholder of RNT is a venture fund managed by VTB Asset Management – taking part in the VTB Group investment business, VTB Capital.

IPO Overview

  • The indicative price range of the Offering is set at RUB 80 to RUB 117.5 per share.
  • The Offering will consist of 3,520,000 ordinary shares, representing ordinary shares, held by FIAZIOR HOLDING LTD.
  • Based on the price range of the Offering, the total funds raised as a result of the Offering will reach RUB 281.6mln to RUB 413.6mln.
  • Based on the price range of the Offering, the joint stock value of the Company before the end of the Offering is expected to reach RUB 1.280mln to RUB 1.880mln.
  • The free float of the Company at the end of the Offering and at the closing of private lists is expected to reach up to 18.03%.
  • The investor books will open 18 June 2010. The Offering is expected to close in early July 2010.

At the end of the Offering, the company plans a bonus issue of ordinary shares (“New Shares”) by private subscription to the Seller Shareholder, who shall be the sole subscriber. The Seller Shareholder shall use all net proceeds of the Offering to purchase the New Shares by private subscription. Effectively the Company plans to receive all of the net proceeds of the Offering. The Company also intends to direct the proceeds towards strategic development purposes in Russia, the CIS and globally.

Russian Navigation Technologies is active in the innovations hi-tech satellite navigation systems market, which is currently undergoing rapid growth. RNT specializes in development, production and implementation of AutoTracker transport monitoring and management systems based on GPS/GLONASS technologies.

The importance of the Company’s innovative business is underscored by the fact that most of the major Russian enterprises today require a transport monitoring system as a basis for their competitive edge. Furthermore, as a leading producer of navigation equipment, RNT invests in new GLONASS-based technologies and possesses the technical expertise required for their implementation.

The RNT share offering is an unprecedented event in the market, the first venture IPO in Russia. RNT has gone through several stages of classic venture project development, emerging as a student start-up in 2000. In the year 2008, a venture fund managed by VTB Asset Management became one of the Company’s shareholders, channeling substantial investments towards the development of the AutoTrecker technological platform, expanding the range of the Company’s solutions and services and their marketing.

At this stage, the IPO is not only a crucial step of strategic importance for the development of the company, but also clear evidence of the capabilities of Russian venture institutions, enabling the innovative development of the country’s economy.

Yuri Soloviev, President & Global CEO, VTB Capital, said: “Today VTB Capital is a key venture investment market player. We take an active part in the development of Russia’s innovation infrastructure, attracting international investment in the hi-tech sector”.

Dionis Gordin, Member of the Board of Directors, ROSNANO: “RNT stands out as a fine example of an innovative hi-tech company. It occupies a stable position in its market niche, showing an annual growth of more than 50%. One of RNT projects is currently under expert evaluation to be co-financed by ROSNANO”.

Vadim Belyaev, President, OTKRITIE Financial Corporation Ltd: “It is important for us that OTKRITIE has been appointed organizer of Russia’s first venture IPO. We plan to engage both retail and institutional investors in the IPO”.

Boris Satovsky, CEO, Russian Navigation Technologies: “We have achieved excellent results, prompting us to consider an IPO. The company made considerable progress in product line and tech platform development; we have built a wide regional network of partners, made a strong marketing effort to promote our flagship brand, AutoTracker”.

Ivan Nechaev, Executive Director, Russian Navigation Technologies: “The IPO is another step in our long-term corporate development strategy. The funds will help us spread our presence in the Russian monitoring market, realize our innovation technology development potential in the fast-growing market, maintain our technological leadership, branch into related markets and become a world class market player, taking GLONASS-based projects to the international markets”.

Aidar Kaliev, Head of Venture Investments, VTB Capital: “We are proud of one of our funds being the first in Russia to implement the classic venture scheme, leading a company that has passed all stages of a technological startup to a public placement. We hope this project serves as an example for future venture IPOs in Russia”.

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