Discount retailer Fix Price fixing to become Russia’s biggest IPO in years
Shares of Fix Price will start trading on the London and Moscow exchanges on March 10. According to the company’s statement, its total offer size was increased to $2 billion due to strong investor demand.
“It is no exaggeration to say that today’s announcement represents a landmark in the history not just of Fix Price, but also for variety value retail and the Russian retail sector more broadly, as the largest ever IPO by a Russian retailer,” Dmitry Kirsanov, the CEO of Fix Price, said on Friday.Also on rt.com Wildberries ripe for further expansion as Russian e-commerce giant launches sales in Germany
The chain is set to be valued at $8.3 billion or more as its stock starts trading. Fix Price will offer 178 million shares, priced at $9.75, which is the top end of the offer ranger. Some shareholders are expected to make available over 26 million additional shares. If allocated in full, the number of publicly traded stock would represent around 24.1 percent of Fix Price’s total issued share capital.
Fix Price will become the second big Russian company to enter foreign stock markets in recent months. In November, online retail giant Ozon raised $1.2 billion via a successful dual listing on the Nasdaq and the Moscow Exchange.Also on rt.com Russian online retailer Ozon raises $1.2 billion in country’s best IPO debut since 2011
The discounter has more than 4,200 stores across Russia and neighboring countries, selling everything from household goods to food. The items are sold at fixed prices of up to 250 rubles ($3.40), with about 80 percent of the goods priced under 100 rubles ($1.34).
For more stories on economy & finance visit RT's business section