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Russia's Magnit plans London listing

MOSCOW
Mon Jul 6, 2009 2:22am EDT

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MOSCOW (Reuters) - Russian grocery store chain Magnit (MGNT.MM) plans a secondary share offering this autumn in London and Moscow aimed at raising more than $300 million (184 million pounds), a banking industry source told Kommersant.

Russia's VTB Capital (VTBR.MM) and Morgan Stanley (MS.N) are the lead underwriters for the share placement, a VTB source said. Magnit was not immediately available for comment.

The VTB source told Kommersant that Magnit plans to sell up to 10 percent of its shares on the London Stock Exchange and Moscow's MICEX and RTS bourses.

The Krasnodar, Russia-based retailer operated 2,763 stores as of the end of May, and its revenues totalled $425 million that month.

(Reporting by Alfred Kueppers; editing by John Stonestreet)


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