Next month, the RosBusinessConsulting holding (RBC) will arrange an additional share issuance. The company is going to place 15% of its share capital and raise some $30 million in SPO proceeds. The money will be spent to acquire IT companies.

In April 2002, RosBusinessConsulting held the first Russian IPO simultaneously on the RTS and MICEX exchanges. The company placed 16% of its shares and received $13.28 million.

Currently, RBC is preparing for an additional share issuance on the public market. Last week, the company disclosed information on the state registration of the additional issue of 15 million common stocks (15 percent of the share capital), which was in line with Russian law. The company has scheduled the SPO for June 17. The offering is being managed jointly by Aton Capital, Deutsche UFG, and Troika Dialog. Following the share placement, the stakes of existing shareholders will be proportionally decreased.

The RBC group includes an Internet portal RosBusinessConsulting, the RBC television channel, and an IT company RBC Soft that is a software developer and provider of system integration services. RBC's total turnover reached $49.1 million in 2003. The Deloitte & Touche audit company declared RBC the most dynamic company on the Russian IT market. Over the past five years, its revenue increased 2,112 percent. The main shareholders of the company are its top managers German Kaplun (22.46%), Dmitry Belik (22%), and Alexander Morgulchik (19.17%). RBC's free-float is 23 percent. The company's capitalization reaches $215 million.

According to Chairman of the Board of Directors of RBC German Kaplun, the money received from the SPO will mainly be used to finance the acquisition of assets, first of all in the IT sphere. RBC is currently negotiating deals with three IT companies the names of which remain undisclosed. "With organic growth and acquisition of new companies we are planning to double our revenue this year bringing it close to $100 million," Mr. Kaplun said. He believes the SPO price will be close to a market price. On Friday, RBC's shares were traded for $2.15 on the RTS (accordingly, 15% of the authorized capital is equal to about $30m).

Analysts share different views regarding RBC's plans. "The question is whether investors believe RBC or not that the projects where the money is going to be invested in will increase the company's profit margin," Head of the Analytical Department of NIKoil Konstantin Chernyshev reported. However, he seems to support the idea. "RBC is concentrated on the IT market, and the diversification of its business wouldn't hurt the company. In any event, investors seem to be getting more and more interested in new companies," he explained. "The market is eager to invest in venture projects, which is risky and profitable at the same time," Finam analyst Oleg Shenker agreed with Mr. Chernyshev. He stressed that more funds could be attracted from the stock market, rather than from direct investment funds, due to the transparency of deals.