Abrau-Durso champagne maker keeps IPO plans despite volatility

Russia\'s leading premium sparkling wine producer Abrau-Durso has not changed its plans on an initial public offering at the end of 2011 or start of 2012 despite market volatility, the company\'s sole owner Boris Titov said on Friday. Abrau-Durso, founded in 1898, will sell 15 percent of its shares on the Moscow Interbank Currency Exchange, Titov told reporters on the sidelines of an investment forum. \"We are offering a rather small stake, we need to fix our value. We would not even do a road-show. We need the IPO not to raise money for financing but to fix our value,\" said Titov adding the company has prepared its financial results for the IFRS. An Abrau-Durso spokesman earlier said the company was valued at $100 million and the funds raised in the IPO would be used to develop production capacities and vineyards. In early September, Titov\'s companies consolidated 100 percent of Abrau-Durso using a 500-million ruble loan ($16.4 million). \"To maintain normal ratios, we need to issue 500 million rubles worth of shares. We will do it either together with the IPO or first issue shares and then do the IPO,\" Titov said.