Moscow, Russia – Russian IT company Basis announced on Thursday its intention to launch an initial public offering (IPO) on the Moscow Exchange.

The company said the size of the offering and the price range will be disclosed prior to the start of bookbuilding, which is scheduled for December.

Basis is majority-owned by Russian state telecommunications firm Rostelecom through its subsidiary RTK-TSOD, which plans to retain its stake and continue supporting the company’s development.

The IPO marks a significant step for Basis as it seeks to expand its footprint in the domestic IT market, leveraging the backing of Rostelecom while opening up to public investors.