MOSCOW, January 9 (RIA Novosti) - Sitronics, a high-tech arm of Russia's AFK Sistema [RTS: AFKS], said Tuesday it expects to raise $500-550 million from an initial public offering (IPO).
Proceeds of the IPO are expected to be used for the company's development, said Alexander Boreiko, head of the Sitronics department for investor relations.
Boreiko said the IPO is planned for the first quarter of this year, but that a final date has yet to be set.
The number of shares to be offered to investors will depend on the market situation, he said.
Sitronics was established in May 1997. Its companies deal with telecommunications equipment, software production and the introduction of security systems. AFK Sistema is Russia's leading telecoms and services holding company.
