The Russian cable operator ER Telecom plans to grow by 15-18% a year and double the size of its business within the next five years.

Furthermore, reports Kommersant, it aims to raise at least $500 million in an IPO in the next two to three years, depending on improved political and economic circumstances, while still retain control of the company.

Details of the new strategy were revealed by Andrei Kuzyayev, the company’s co-owner and president, just days after ER Telecom announced changes in its management structure.

The previous strategy, implemented in the period 2010-15, has seen ER Telecom’s share of the pay-TV and broadband markets in Russia grow to 13-14% and 12-13% respectively.

Under the new one, it aims to grow not only organically but also through acquisitions.

It also aims to secure a 45-50% penetration of services in each local market it is present in – something it currently achieves in five or six of the 56 cities it is present in.