MOSCOW, RUSSIA — Russian rail operator RusTransCom (RTC), a major transporter of grain, announced on April 26 that it has postponed plans for an initial public offering (IPO).

The company had planned to launch an IPO on the London Stock Exchange to raise $300 million. But in a written statement, the company said that “during the period after the ITF publication, RTC’s principal shareholders have received several proposals regarding private equity transactions, which are better aligned with the group’s development strategy.”

RusTransCom operates 68,000 freight cars, more than half of which are for the transportation of grain. In 2018 the company transported 60.7 million tonnes of grain, made revenues of 51.5 billion rubles, net profit of 11.6 billion rubles and had an EBITDA margin of 60%.

Konstantin Zasov, co-founder and chief executive officer of RTC, said the company was one of the most profitable freight operators globally.

In 2018, RTC was the market leader in rail transportation of grain in Russia and Kazakhstan and of timber and mineral fertilizers in Russia, according to the company.