Finam to offer Russian IT assets on MICEX

In June Finam Management will offer equity stakes of Finam-IT mutual fund of high risk (venture) investments in the sector of Innovative and Growth Companies on MICEX. The formation of Finam-IT mutual fund was launched on Dec 27, 2005 and completed on Feb 28, 2006. Its asset value amounts to Rub 175 mln ($6.22 mln). Fund's basic asset is 68,5% shares of Mamba (a dating web-service). With this IPO Finam hopes to attract Rub 500 mln investment.

"Purchasing equity stakes of Finam-IT mutual fund looks attractive first and foremost because of its unique status – the Russian stock market virtually offers no options for portfolio investors to invest cash in IT and hi-tech projects, - Finam analysts say, - Taking part in projects is possible only with relatively big amounts and only after lengthy negotiations are completed. The Russian IT market itself is in an embryonic state and we believe that in the future due to a sharp rise in the number of personal computers among households and a higher penetration rate of broadband technologies information transfer and data processing services will enjoy stronger demand'.