October 4, 2018 / 6:02 AM / 2 months ago

CORRECTED-Belarus' biggest food retailer Eurotorg says to list in London

(Corrects last paragraph to clarify that valuation estimate is based on comparison with peers)

MOSCOW, Oct 4 (Reuters) - The biggest food retailer in Belarus, Eurotorg, said on Thursday it is planning to list its shares in London and expects to announce its intention to float on the London Stock Exchange on or around Oct. 11.

The offering of global depositary receipts (GDRs) is expected to raise around $200 million in primary proceeds for the company. Eurotorg said it will use the funds to partially repay its foreign currency debt.

The company’s core shareholders are expected to retain their majority shareholding after the London listing.

Credit Suisse and J.P. Morgan are acting as joint global coordinators. Bank of America Merrill Lynch, Renaissance Capital, Sova Capital, UBS and WOOD & Company are acting as joint bookrunners.

“This announcement follows on from our successful debut Eurobond issuance in October 2017, when we effectively opened international capital markets for Belarussian corporate issuers,” Eurotorg CEO Andrei Zubkou said in a statement.

Sources earlier told Reuters Eurotorg was planning to list its shares in London in the coming weeks. The deal, based on average valuation multiples of its peers, could value the company close to $3.4 billion including debt. (Reporting by Maria Kiselyova, Writing by Andrey Ostroukh; Editing by Himani Sarkar/Emelia Sithole-Matarise)

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