Belarusian truck maker BelAZ is to hold an initial public offering, the first for Belarusian enterprises, local media said on Monday.

BelAZ is going to transfer accounting to international financial reporting standards in order to hold an initial public offering, General Director of BelAZ Pyotr Parkhomchik said.

Earlier Belarus First Deputy Prime Minister Vladimir Semashko said BelAZ is likely to start contacts with foreign banks to conduct the IPO by the end of 2012.

BelAZ is included in a Belarusian privatization plan in which Minsk hopes to raise 2.5 billion U.S. dollars, but analysts said the plan may prove too ambitious.

BelAZ manufactures heavy-duty and super-size mining dump trucks, half of which are exported to Russia.