AFK Sistema to list Medsi and Cosmos in landmark 2026 IPOs
AFK Sistema plans to take two of its subsidiaries public in 2026, holding initial public offerings (IPOs) for the Medsi clinic network and the Cosmos hotel chain, company founder Vladimir Yevtushenkov announced at the Exchange Forum.
"We aim to list our hotel and healthcare businesses," he said, as quoted by RBC Investments.
According to Yevtushenkov, Cosmos operates 100 hotels and is expanding internationally. "Going public will lay the foundation for Cosmos to become one of the truly global hotel chains we all know today," the AFK Sistema head explained.
Cosmos Hotel Group owns five in-house brands: Cosmos Collection Hotels, Cosmos Selection, Cosmos Hotels, Cosmos Smart Hotels, and Cosmos Stay Apartments. The company's revenue grew by 20% last year, reaching 209 billion rubles ($2.3 billion), while its operating profit before depreciation and amortization (OIBDA) rose by 27% to 73 billion rubles ($800 million), as reported in its 2025 financial results. Net profit figures were not disclosed.
Medsi, meanwhile, saw its 2025 revenue climb by 22% year-on-year to 614 billion rubles ($6.7 billion), according to its IFRS financial statements. Adjusted OIBDA reached 132 billion rubles ($1.4 billion), with net profit at 52 billion rubles ($570 million). The network currently manages 138 clinics, including 64 in Moscow.
Analysts at Sberbank estimate that at least five Russian companies could go public in 2026, with the total funds raised through these IPOs potentially doubling the figures seen in 2025.
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