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1 April 2026

Incab Holding Prepares for IPO

On March 31, 2026, the Bank of Russia registered an additional issue of 30 million ordinary shares of Incab Holding JSC. This marks an important step in the company’s preparation for an initial public offering (IPO).

Funds raised during the placement will be used to support further business development. The offering is being organized by the investment company Uniservice Capital. The exact timing of the IPO will be announced at a later date.

The company already has capital markets experience: Incab previously issued corporate bonds. The IPO will become the next step in increasing the company’s public profile.

Financial Performance

According to IFRS reporting:

-The Group’s revenue for 2024 amounted to RUB 6.1 billion
-Net profit reached RUB 192 million
-Revenue for the first half of 2025 totaled RUB 2.5 billion
-Net debt to EBITDA ratio stands at 3.0x
-CEO Commentary

The CEO of Incab Holding JSC, A. V. Smilgievich, commented:

“Incab has already accessed the capital markets through a bond issuance, and an IPO has always been a matter of time for us.

Although the Group operates in the B2B segment, we actively communicate about our production — both with partners and end users — using virtually all available platforms and formats.

That is why this new stage of becoming a public company is not a challenge for us — many necessary processes were already in place by the time we approved the IPO plans.

Incab positions itself as a growth company and plans to actively raise funds to support business expansion. We are preparing for the offering together with our key advisor, Uniservice Capital.

It is still too early to disclose specific timing, offering size, or valuation.”