Belarusian Autoworks (BelAZ trademark) continues IPO talks with potential underwriters, including Deutsche Bank, Deputy Industry Minister of Belarus Pavel Utyupin told reporters on 10 May, BelTA has learnt.

When asked who will hold the IPO, Pavel Utyupin said, “A working group is holding talks with Deutsche Bank, among other companies; I hope they will proceed with it”.

In his words, it has not been finalized yet where and when the IPO will take place. “Taking into consideration the financial situation in the world in recent years, especially last year, this will be a difficult decision. The most efficient underwriter will be chosen. Different underwriters charge differently. However, the choice of an underwriter will determine the success of the IPO, as well as the number of investors and financial resources that will be raised,” the Deputy Industry Minister said.

To hold the IPO, BelAZ will have to switch to international accounting standards. If the IPO is held in autumn, the company will have to present the audited financial statements for the first half of the year, Pavel Utyupin said.

He added that a mid-year analysis will be held to specify the IPO terms.

IPO (initial public offering) is the first sale of a company’s stock to the public.

BelTA