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. Last Updated: 07/27/2016

Sitronics Sets IPO Objective

Sitronics, Sistema holding company's technology arm, announced Wednesday that it had set a $1.90 to $2.40 per global depositary receipt price range for its listing in Moscow and London.

The IPO will enable the company to raise from $500 million to $550 million, making it the largest share flotation by a Russian technology firm.

Sitronics will begin trading shares in London on Feb. 12, Vedomosti reported Thursday, citing a person familiar with the share sale plan.

Sitronics manufactures and distributes consumer and business IT products, integrated circuits, software, and telecommunications equipment.

The company generated over $1 billion in revenues and $114.7 million in net income over the first nine months of 2006, the company said in a statement.

The value of the floated stock will be between $500 million and $550 million, and represents "no more than 25 percent of the company's total value," company spokesman Sergei Filippov said, which would value Sitronics from $1.9 billion to $2.4 billion.

"The new IPO range, which reduces the original target of between $2.2 billion and $2.7 billion to between $1.9 billion and $2.4 billion, has a better prospect in the markets," said Barry Schumaker, a senior telecoms analyst for Alfa Bank. "Even though it's not clear yet what percentage of the company's valuation is on offer, investors are more likely to respond now that Sitronics has lowered the price range."