MOSCOW, October 24 (RIA Novosti) - Synergy holding company, a leading producer of distilled spirits in Russia, said on Wednesday it intends to hold an initial public offering (IPO) by the end of the year to raise about $200 million.
Synergy, which produces Beluga Gold Line and Beluga Classic, Russky Loyd (Russian Ice), Sily Prirody (Powers of Nature), Belenkaya (the Whitish) and Gosudarev Zakaz (Sovereign's Order) premium vodkas, said it intends to use the IPO proceeds to develop its own brands, expand its distribution network, and also acquire alcoholic brands and production capacities.
Synergy's net income calculated to International Financial Reporting Standards (IFRS) increased 37% year on year in 2006 to $453 million.
The company's common shares are listed on the RTS (Russian Trading System) and MICEX (Moscow Inter-Bank Currency Exchange) trading floors.