Image: Biz Russia
Abrau Durso is a sparkling wine producer based in the south of Russia. The company, which has been a favorite in the country for years, has recently announced it is considering plans to go public sometime in the spring.
Although Russians call it Champagne, the wines produced by Abrau Durso are technically sparkling wines. Although the final details are not yet complete and are expected to be decided upon in February, reports indicate that the company’s IPO is planned for the Moscow stock exchange sometime in the spring with Abrau Durso offering 735,000 shares with a face value of 100 rubles.
Established in 1870 as the sparkling wine producer for the Imperial Court, Abrau Durso began mass production after the revolution. Their main production site is located on 500 hectares of vineyards in Southern Russia.
Vitaliy Ryzancev, the company’s spokesman, said, “We are not interested in the IP as a source of additional income, we have got a very good profit and trade volume, and we don’t need funds that badly. We need the IPO for us to get the idea how the market estimates our company, find out whether we are developing right – and besides, public companies are more trusted in the West, all the more so, as the foreign market becomes our priority.”
Source: RT Business