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Press Releases > Financial Corporation "Sistema"  all about the company

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Financial Corporation "Sistema"

February 9, 2005

Sistema prices Initial Public Offering

Moscow, Russia – 9 February 2005 – Sistema, the largest private sector consumer services company in Russia and the CIS, today announced the pricing of its Initial Public Offering of 1,592,663 common shares in the form of 79,633,150 Global Depositary Receipts (GDRs). The Offering was priced at US$ 17 per GDR.  Fifty GDRs represent one Sistema common share.  The Offering represents approximately 16.5% of Sistema’s total issued share capital and comprises 1,550,000 newly issued shares and 42,663 previously issued shares.  The Offering was placed with over 300 institutional investors in Europe, the UK and North America.


Conditional trading in the GDRs will commence on the London Stock Exchange today.  Closing and settlement of the Offering are expected to be completed on Friday 11 February 2005.  The GDRs are expected to be admitted to the UKLA Official List at 08.00 (London local time) on Monday 14 February 2005.


Selling shareholders have also granted the Joint Global Coordinators, Credit Suisse First Boston and Morgan Stanley, an overallotment or ‘greenshoe’ option of up to 238,900 additional shares, in the form of 11,945,000 GDRs, which is exercisable within 30 days after the closing of the Offering and which is equivalent to approximately 2.5% of the Company’s equity.


At US$ 1.56 billion (assuming exercise of the ‘greenshoe’ option), Sistema’s Offering is the largest ever initial public offering by a Russian company.





For further information, please visit or contact:


Sistema Investor Relations                                                        Shared Value Limited

Andre Bliznyuk                                                                         Matthew Hooper

Tel: +7 095 730 1543                                                              Tel. +44 (0) 20 7321 5023                                                      


Sistema is the largest private sector consumer services company in Russia and the CIS, with over 35 million customers. Sistema develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. Founded in 1993, the company reported revenues of US$ 4.1 billion for the first nine months of 2004 and total assets of more than US$ 7.7 billion as at September 30, 2004.  Sistema’s shares are listed under the symbol “AFKS” on the ‘B’ list of the Russian Trading System (RTS) and under the symbol “CUCT” on the ‘B’ list of the Moscow Stock Exchange (MSE).


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