08.10.2024, 12:55
Rolf car dealer plans to conduct an IPO in 2025-2026
Source: OREANDA-NEWS
Car dealer Rolf plans to hold an IPO in 2025-2026, according to the company's materials shown at the presentation of the updated strategy of the group. The presentation was attended by the new owner of Rolf, Umar Kremlev, and CEO Svetlana Vinogradova.
The materials note that "the strategy involves significant investments in the development of the ecosystem of services."
"The IPO will allow us to systematically implement our growth strategy and demonstrate the transparency and sustainability of the business," the dealer's presentation says.
Rolf has previously repeatedly announced the possibility of an IPO in the foreseeable future. For these needs, the company reorganized the controlling legal entity from LLC to JSC in early 2021.
"We assume that the IPO will be in 2025-2026. It is clear that all our investment projects need financing. We already have such experience, we issued bonds in 2019-2020. The increased interest in our company allows us to be sure that the IPO will also be successful. Of course, for our company this is an increase in value, it is additional resources for the development and motivation of staff," said Vinogradova.
She did not specify detailed plans for the initial public offering, noting only that the dealer would wait for a "successful window".
OREANDA-NEWS Rolf is one of the largest car dealer holdings in Russia and has a portfolio of more than 30 brands. The company's network includes 20 dealerships and 78 showrooms in Moscow and St. Petersburg. In 2023, the dealer sold about 131 thousand cars (+31.4%), including 28.7 thousand new (+13%) and 102.3 thousand used (+37.8%). Annual revenue under IFRS amounted to 324 billion rubles (+40%), net profit - 5.2 billion rubles (a decrease of 2.5 times).
Rolf's assets were transferred to the temporary management of the Federal Property Management Agency by decree of President Vladimir Putin at the end of 2023.
After that, the Prosecutor General's Office filed a lawsuit against the dealer's appeal to the state property. In February, the application was granted. The court noted in the decision that the assets were seized as "property obtained through corruption," referring to the fact that the founder of Rolf, Sergei Petrov, ran the company in parallel with his work as a State Duma deputy.
In the spring of 2024, the head of Rolf changed. The company was headed by Roman Antonov, a business partner of entrepreneur Kremlev. In early September, Rolf issued a press release on the change of ownership, stating that Kremlev himself became the owner of the company, who, as a "new strategic investor, will allow the company to preserve its unique corporate culture and expand the range of company activities, focusing on improving efficiency and attracting new partners and customers."
At the end of September, a presidential decree was published, according to which Rolf was removed from the control of the Federal Property Management Agency.
The materials note that "the strategy involves significant investments in the development of the ecosystem of services."
"The IPO will allow us to systematically implement our growth strategy and demonstrate the transparency and sustainability of the business," the dealer's presentation says.
Rolf has previously repeatedly announced the possibility of an IPO in the foreseeable future. For these needs, the company reorganized the controlling legal entity from LLC to JSC in early 2021.
"We assume that the IPO will be in 2025-2026. It is clear that all our investment projects need financing. We already have such experience, we issued bonds in 2019-2020. The increased interest in our company allows us to be sure that the IPO will also be successful. Of course, for our company this is an increase in value, it is additional resources for the development and motivation of staff," said Vinogradova.
She did not specify detailed plans for the initial public offering, noting only that the dealer would wait for a "successful window".
OREANDA-NEWS Rolf is one of the largest car dealer holdings in Russia and has a portfolio of more than 30 brands. The company's network includes 20 dealerships and 78 showrooms in Moscow and St. Petersburg. In 2023, the dealer sold about 131 thousand cars (+31.4%), including 28.7 thousand new (+13%) and 102.3 thousand used (+37.8%). Annual revenue under IFRS amounted to 324 billion rubles (+40%), net profit - 5.2 billion rubles (a decrease of 2.5 times).
Rolf's assets were transferred to the temporary management of the Federal Property Management Agency by decree of President Vladimir Putin at the end of 2023.
After that, the Prosecutor General's Office filed a lawsuit against the dealer's appeal to the state property. In February, the application was granted. The court noted in the decision that the assets were seized as "property obtained through corruption," referring to the fact that the founder of Rolf, Sergei Petrov, ran the company in parallel with his work as a State Duma deputy.
In the spring of 2024, the head of Rolf changed. The company was headed by Roman Antonov, a business partner of entrepreneur Kremlev. In early September, Rolf issued a press release on the change of ownership, stating that Kremlev himself became the owner of the company, who, as a "new strategic investor, will allow the company to preserve its unique corporate culture and expand the range of company activities, focusing on improving efficiency and attracting new partners and customers."
At the end of September, a presidential decree was published, according to which Rolf was removed from the control of the Federal Property Management Agency.
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