By Andrei Skvarsky.
Fix Price, Russia’s largest discount retailer, has reaffirmed a plan for an initial public offering of shares (IPO) in London and Moscow, having hired BofA Securities, Citigroup, J.P. Morgan, Morgan Stanley and VTB Capital as joint global coordinators and joint bookrunners.
The final offer price will be announced when the book building is over, Fix Price said in a statement.
But Reuters has argued $9bn could be a fair price, “so long as investors shrug off rising competition”. In explaining its projection, Reuters cited the retailer’s rapid growth “thanks to pressured incomes in its home market and resilience to online rivals”.
Fix Price expects to be listed on London Stock Exchange in March. The Moscow Exchange listing is due to come after that, according to the retailer’s statement.
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