MOSCOW, August 30 (RIA Novosti) - Russian mid-size pharmaceuticals company Pharmsynthez plans to hold an initial public offering worth 500 million rubles ($16 million) in late November, IPO lead manager Alor Invest said on Monday.

A road show is scheduled for September-October, an Alor Invest official told RIA Novosti.

The company plans to place shares in the Innovation and Growth Companies Sector of Russia's MICEX exchange, set up to encourage investments in innovative companies. Pharmsynthez expects to sell up to 30 percent of its shares.

The company plans to use the funds raised to build a new factory, complete clinical tests in Europe, buy assets abroad and expand its market share in Russia's regions.

Pharmsynthez then plans to become Russia's first pharmaceuticals firm traded on the NASDAQ.

Amber Trust, a fund set up to invest in Russia and the Baltic states, holds 75 percent of the company, while 25 percent belongs to Pharmsynthez chairman Dmitry Genkin.

In the first half of 2010, the company's net profit amounted to 5.16 million rubles after a 7.79 million ruble year-on-year net loss. In 2009, Pharmsynthez' net profit stood at 230 million rubles, while EBITDA was 34 million rubles.