VK announced plans to hold an initial public offering of its subsidiary VK Tech

“VK Tech is a provider of its own IT solutions for corporate clients. VK Tech’s product portfolio is a ready-to-use ecosystem of enterprise software, including cloud services, a communication platform, HR solutions, financial and data services,” the statement said.

According to him, the company is completing the consolidation of assets in the technology sector and integrating corporate governance processes at VK Tech “in accordance with the best market standards.”

The company managed to achieve revenue and margin growth thanks to “prioritizing investments in its own developments” and developing all software delivery models, said Pavel Gontarev, CEO of VK Tech. “This, in turn, has allowed us allowed us to expand our future growth ambitions to external markets. VK Tech is represented in Kazakhstan and Uzbekistan, the share of international revenue in 2023 was around 10%,” he indicated.

According to its own data, VK Tech’s revenue for the nine months of 2024 increased by 60.1% in annual terms and amounted to 7.7 billion rubles. EBITDA in the three quarters of this year amounted to 1.5 billion rubles, the EBITDA margin was 19.1%. At the end of 2023, the figures amounted to 1.8 billion rubles and 18.7%, respectively. The company noted that a significant portion of VK Tech’s revenue comes at the end of the calendar year due to the “seasonal nature of its activities.”