February 26, 2014 / 9:06 AM / 4 years ago

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.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below