Large foreign companies will start holding Initial Public Offerings in Moscow's International Financial Center no earlier than three years after Russia has put the necessary legislation in place and accumulated some practice, Finance Minister Alexei Kudrin said on Monday.
"Russian companies hold IPOs in Moscow all the time. To be considered an international center, of course, we need large (international IPOs), but they are unlikely to happen soon," he said, adding that "legislation and practice will not be ready earlier than three years time".
The creation of an International Financial Center, one of President Dmitry Medvedev's favorite projects, was proposed about two years ago.
Alexander Voloshin, head of a working group to set up the center, has said that large IPOs could be held within the next two years.
RIA Novosti
