OREANDA-NEWS. November 13, 2007. OAO ARMADA (MICEX, RTS: ARMD) has been ranked 165th among the largest Russian companies in terms of market capitalization according to Expert Rating Agency. ARMADA’s capitalization was $184.8m as of the rating calculation date (August 31, 2007).

OAO ARMADA was the first Russian IT company to launch an IPO on the Russian market, placing 2million common shares or 17% of its post-IPO share capital on RTS and MICEX stock exchanges in July 2007. On the back of strong investors’ interest both domestically and abroad, the total bids reached $282m, and the IPO was 9.5 times oversubscribed. The successful shares placement and a subsequent capitalization growth allowed ARMADA to take a place in the list of the highly valued public Russian enterprises.

Commenting on the rating awarding, General Director of OAO ARMADA Alexey Kuzovkin said: “We are proud that our young company has been ranked among the largest Russian companies by market capitalization. It is a serious responsibility, since our shareholders are expecting us further expand the businesses and strengthen our market position. We will exert every effort in order to justify their hopes”.