Power Machines, Russia's largest engineering group, plans to hold an initial public offering (IPO) in the second half of 2007, the company's general director said Wednesday, cited by RIA Novosti.

Power Machines, which designs, produces, supplies, maintains and modernizes equipment for steam, nuclear, hydro, and gas turbine power plants, plans to increase its annual sales to $3 billion by 2015 compared with $600 million in 2006, Boris Vainzikher told a round table on the development of Russian machine-building.

"We expect to reach the annual sales volume of $2 billion by 2010 and $3 billion by 2015," Vainzikher said.

Power Machines, whose largest shareholders are Russia's electricity monopoly Unified Energy System and Germany's Siemens, which hold 25% plus one share each, and Interros, the holding company for the world's largest nickel producer, which owns 30.4 %, currently has a portfolio of orders worth $2 billion corresponding to the upper limit of the company's production capacity, the general director said.

"In the long-term perspective, we have set the task of maintaining 60% of the Russian market of equipment while retaining about 40% of output slated for export," the general director said.

The company has clients in 87 countries. Its revenues, calculated to Russian Accounting Standards, totaled almost $600 million in 2005, including $7.1 million in net profit.