Armada will float an additional issue of 2 million ordinary shares on the MICEX exchange in the sector of innovation and growing companies and on the RTS in the START sector.
The company, which has an authorized capital of 10 million shares priced at 1 ruble ($0.04), plans to float 17% of its stock at an IPO.
The MICEX is the largest universal exchange in Russia, the CIS and Eastern Europe. Its sector for innovation and growing companies is meant for companies with a capitalization of up to 5 billion rubles ($195.3 million). Finam IT was the only company to have so far floated its shares in the sector.
The RTS START is designed for IT companies whose revenues should grow at a pace of at least 20% annually.
An IT service provider, Armada was spun off from RosBusinessConsulting in 2007.
