Banking software will try its hand at the stock exchange
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Diasoft, a software vendor for banks, may conduct a public offering of shares on the Moscow Exchange, Kommersant sources say. IPOs by technology companies in 2023 are becoming a trend, the success of which was strengthened by the recent IPO of the Astra group. Diasoft is a smaller company and most likely will not be included in the top quotation lists, but its shares may be in demand, analysts say.
One of the largest Russian developers of automated banking systems and supplier of IT solutions for the financial sector, Diasoft, intends to hold an IPO on the Moscow Exchange within a year, two sources familiar with the company’s development plans told Kommersant. One of them clarified that the company hired consultants from Gazprombank to organize the IPO. At Diasoft itself, Kommersant was told that “no decisions have been made on this matter,” refusing additional comments. Gazprombank did not answer Kommersant.
According to TAdviser data for 2022, Diasoft IT products accounted for 50% of implementations in the Russian financial sector. R-Style Softlab (25%) and the Center for Financial Technologies (12.5%) also operate in the segment. According to SPARK-Interfax, Diasoft LLC was registered in 2005, 97.6% of the company belongs to Diasoft Management Company JSC, whose ultimate beneficiaries are hidden, 2.3% belongs to Excalibur Management JSC, whose owners are also not are revealed. Oleg Roshchupkin is indicated as the General Director of Diasoft LLC. The LLC’s revenue for 2022 amounted to 5.8 billion rubles, net profit – 1.1 billion rubles, EBITDA – 2.1 billion rubles. According to Diasoft’s own data, its clients are Sber NPF, International Investment Bank and others.
Going public is becoming a trend for software and IT companies in general in 2023. At the beginning of October, the Astra group of companies carried out a public offering. The main activities of Astra Group of Companies are the development of software and the Astra Linux operating system, as well as IT services. The large data center operator Selectel is also thinking about holding an IPO (see Kommersant, May 17). The trend for stock placements of technology companies will gain momentum starting next year, in particular, it is stimulated by the influx of retail investors into public capital markets, says Yana Shankland, director of investor relations at the Voskhod venture fund.
It makes sense for such a business to list a capitalization of at least 20–30 billion rubles on the stock exchange, says Timur Nigmatullin, senior investment consultant at Finam. If, some time before the placement, the company discloses data in accordance with IFRS, places bonds, then holds a roadshow, then after that you can count on market EV/EBITDA multiples of 10–25, the expert estimates. Taking into account the current financial configuration of the company, the placement volume could amount to several billion rubles, says Anna Avakimyan, chief analyst at Regblok. “Due to its compact size, the company will not be able to enter the top quotation lists, but its securities may be in demand, since the products were in demand by the market even in conditions of competition with foreign analogues,” she notes.
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