By Andrei Skvarsky.
Mercury Retail, Russia’s third-largest food retailer, expects to raise between $1.2bn and $1.3bn via a planned initial public offering.
BofA Securities, J.P. Morgan, Sberbank, VTB, Gazprombank and Renaissance Capital are organising the float, to take place on Moscow Exchange and involve offering up to 200m global depositary receipts (GDRs) each of which would represent one current ordinary share in the company, the retailer said in a statement.
Mercury has put an indicative per-GDR price range at $6 to $6.50. Hence the IPO would raise between $1.2bn and $1.3bn and, according to the statement, bring the firm’s market capitalisation to between $12bn and $13bn.
The final price will be set in the course of book building, which is expected to be completed on or around November 9.
BofA Securities, J.P. Morgan, and Sberbank CIB and VTB Capital, the investment arms of Russia’s Sberbank and VTB, are acting as joint global coordinators and joint book runners and Renaissance Capital and Russia’s Gazprombank as joint book runners for the IPO.
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