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. Last Updated: 07/27/2016

Vodka Maker Synergy Plans IPO

Vodka maker Synergy said Wednesday that it planned an initial public offering to raise funds for acquisitions and boost its share of the world's second-largest vodka market.

Synergy will sell shares on the RTS and MICEX exchanges, the company said in a statement, without elaborating on the time frame or size of the sale.

The money will be used "for product brand development, expanding its distribution system and making further acquisitions of distilled spirits brands and production facilities," the company said.

Synergy is among at least five Russian companies that announced plans this month to sell shares to the public.

Synergy, whose brands include Beluga and Russian Ice, is the country's seventh-biggest vodka producer by sales, according to Renaissance Capital. First-half net income more than doubled to 380 million rubles ($15 million), the company said Wednesday.