Positive Technologies head Yury Maksimov positively assessed the impact of sanctions against the company on its plans to go public. It may shorten the timing of the IPO, and the "realized threat" of sanctions has ceased to be a threat
Positive Technologies, a cybersecurity company, plans to shorten the time of a stock exchange listing due to the U.S. sanctions imposed on it. Its CEO Yuri Maksimov told about it. He did not name specific placement dates, but specified that in a month or two "the panic will pass" and "the professional community will understand how the company will develop further".
In the middle of March, E Hacking News reported about the plans of Positive Technologies to conduct an IPO at the Moscow Stock Exchange, placing up to 10 percent of the shares. The volume of the offering may be up to $200-300 million if the company's value reaches $2-4 billion by the end of 2021. According to the Telegram channel SecAtor, Positive Technologies values itself at $1 billion, while Forbes quoted a figure of $580 million.
Maksimov specified that the IPO is one of the possible tools to make the company public. He considers a direct listing, when the company's shareholders may start operations on the stock exchange, as a more likely option. "In a classical IPO a mass sale is assumed, with a greater focus on funds," but the goal of making Positive Technologies public is not to attract investments, but to find co-owners who can bring "advice, examples, awareness" to the business. In particular, the company expects that IT people will be buyers of the shares.
Another goal of a public offering is to turn the stock into a liquid instrument so that it is possible to take out large loans against it and motivate employees.
Yury Maksimov "positively" assessed the influence of sanctions on the IPO plans of Positive Technologies. According to him, when a company in the cyber security industry is listed on the stock exchange, the very risk of sanctions being imposed on it provokes fear in investors and leads to a discount in the price. If, however, sanctions are imposed on such a company before the offering, "the realized threat ceases to be a threat."
Russian cybersecurity company Positive Technologies is about to conduct an initial public offering (IPO) on the Moscow Stock Exchange. In Russia, firms from this segment have not yet been listed on the stock exchange.
Positive Technologies plans to go for an IPO. The company plans to float about 10 percent of its shares on the Moscow Stock Exchange, which may correspond to $200-300 million if the company is valued at $2-4 billion by the end of 2021. Positive Technologies declined to comment.
Apart from Russia, Positive Technologies is also present in Europe, the United States, the CIS and Africa. According to the Telegram channel SecAtor, the company values itself at $1 billion. Forbes has rated Positive Technologies as one of the most valuable Runet companies at $580 million.
The company relies on the active participation of individuals in the IPO. It should be noted that Positive Technologies primarily considers investors in the IT-sphere to be its target audience.
Yandex, Mail.ru Group and Ozon are present on the Moscow Stock Exchange, but so far there is no cyber security company, said Andrey Konusov, general director of Avanpost. "This is a new move for the Russian market, and it is a very right and timely idea," he believes.
According to Oleg Zhelezko, the founder and managing partner of Da Vinci Capital Management, any technology company will be in great demand from investors, because it is currently the most promising segment.
Positive Technologies' competitors are still skeptical about the company's decision. "The bureaucratization of public companies often prevents them from making quick decisions, which is a critical condition for the development of innovations in the cybersecurity market," said Eugene Kaspersky, CEO of Kaspersky Lab. According to him, Kaspersky Lab has enough internal resources for financing and does not need to raise additional investments, so it is not planning an IPO.