Russia's Detsky Mir applies to list stock abroad
MOSCOW Feb 26 (Reuters) - Russian children's goods retailer Detsky Mir, owned by oil-to-telecoms conglomerate Sistema , has applied to local regulators for permission to list stock outside Russia, according to a regulatory statement by the company.
Detsky Mir is aiming to launch an initial public offering (IPO) in London in mid-March, two banking sources previously said, and hopes to raise between $300 million and $400 million.
It is among a number of retail companies looking to tap into demand from foreign investors for stakes in consumer-oriented businesses in Russia and follows the flotation of telecoms firm Megafon in 2012 and Russian consumer credit firm TCS last year.
Other consumer-focused IPOs are expected this year such as hypermarket chain Lenta, part-owned by U.S. private equity firm TPG, corporate and individual loans bank Credit Bank of Moscow and German retailer Metro AG's Russian cash-and-carry business.
JPMorgan, Credit Suisse, Citi and Renaissance Capital will be working on Detsky Mir's offering, the sources said.
Organisers for Lenta's planned London stock market listing have specified a price range of $10-$11 per global depositary receipt (GDR) for its IPO, a source close to the matter said on Tuesday.