Ilyushin Finance, part of United Aircraft Corporation (UAC), has announced that it will not hold an initial public offering in winter 2011 as previously planned.
The company has stated it wont have time to devote the necessary resources into an IPO while it is still deciding on the Tupolev (aircraft) program by the year end.
UAC had planned to offer 16-20 percent of Ilyushin on the Hong Kong Stock Exchange and Russia before March 2010 to raise $250-300 million.