Softline values Factory of Software at 12 billion rubles ahead of an AI-focused IPO

Softline is bringing Factory of Software to the public market and setting an ambitious frame for the deal from the start: the unit, which specializes in custom development and packaged software, is valued at 12 billion rubles. The planned offer price is 25 rubles per share, and the IPO size is 2 billion rubles. For the market, this is not just another IT asset listing. It is a bet that services development can grow faster and at better margins thanks to AI tools that automate part of the work of programmers, analysts and support teams.

Factory of Software operates in a segment where promising sharp scaling is usually difficult: custom development traditionally depends heavily on headcount and on how fully specialists are utilized. Softline, however, stresses a different point. The company combines a project-based model with replicable software products, which means it can earn not only from development hours but also from repeat deployments of the same solutions.

In this context, the IPO looks like an attempt to give investors a clearer growth story: the business profile is easy to understand, there is demand for enterprise software, and production can be sped up through automation. With an announced offering of 2 billion rubles, the market is effectively being asked to fund the next stage of scaling.

The main argument for growth is the use of artificial intelligence in development. In essence, this means a whole set of tools: generating and checking code, automating routine tasks, speeding up testing, preparing documentation and supporting product teams. For a business like this, that detail matters. If AI really does cut the time spent on routine operations, the company gets a chance to deliver more projects with the same staff, launch packaged solutions faster and manage cost of sales more tightly. Amid a general shortage of qualified engineers, this is especially important: revenue growth is no longer fully tied to hiring new people.

The 12 billion ruble valuation also shows that investors expect more from Factory of Software than a static service: they expect a technology platform with potential for efficiency gains. In stories like this, investors usually look not only at the current contract portfolio but also at how repeatable the business model is. If the unit can turn AI into a real production tool rather than a marketing add-on, its economics could change noticeably: faster delivery, a smaller share of manual work, more room to package its work into packaged products.

The flip side is just as obvious: the market will want proof that automation actually affects timelines, quality and financial results, and does not merely sound good in an investor presentation.

For the Russian IT market, the deal may also serve as a test of how investors view AI stories inside applied businesses. Over the past two years, almost every technology company has talked about development automation, but the public market usually prices not promises but the ability to turn them into revenue and profitability growth. Factory of Software has a clear starting point: an existing business in custom development and product solutions. Now it must convince the market that AI is not outside hype for it but a tool that changes the production loop and lets it grow faster than traditional integrators and development studios.

What this means: Softline is taking to the exchange not just a software developer but a story about transforming IT production with AI. If the offering goes ahead on the announced terms, the company will get capital for expansion and a public valuation of its AI strategy. For investors, it is a chance to bet on a segment where artificial intelligence is supposed to raise efficiency in a very applied, measurable area: building software products. For the market as a whole, it will be an indicator of whether money is ready to flow into AI stories when they concern commercial development rather than labs.