Russian generics giant Pharmstandard plans IPO in London and Moscow

Russia's largest drug firm, Pharmstandard, has confirmed its intention to launch an initial public offering of shares in London and Moscow, making it the first Russian pharmaceutical company to access foreign equity markets.

The generic drugmaker, which is part-owned by billionaire Roman Abramovich, expects that existing shares will be offered by its principal shareholder, who is undisclosed, in the form of global depositary receipts and ordinary shares by the end of June.

Pharmstandard's shares are currently listed on the Russian Trading System (RTS) and the firm further intends to seek a listing of the shares on the Moscow Interbank Currency Exchange (MICEX), and the GDRs on the London Stock Exchange. The company has appointed Citigroup and UBS Investment Bank as joint global coordinators and bookrunners of the proposed offering.