(Reuters) -Delimobil Holding S.A. on Friday filed for an initial public offering (IPO) in the United States and revealed that its revenue for the first half of this year more than doubled, as the car-sharing company becomes the latest in a slew of Russian firms targeting market debuts.
Russian IPO activity is picking up pace as the global economy improves and concerns over fresh Western sanctions fade. The Moscow Exchange expects to hold 10 share listings by the end of the year.
Renaissance Insurance and IT firm Softline recently announced their intention to float shares. Others including real estate database CIAN and the SPB Exchange are also preparing IPOs, sources have said.
Delimobil’s revenue for the six months ended June 30 came in at 4.93 billion roubles ($68.6 million), up from 2.25 billion roubles in the same period a year earlier.
Losses narrowed to 1.07 billion roubles, from nearly 2.3 billion roubles a year earlier.
The company has not set terms for its share sale, but Reuters reported exclusively that Delimobil is planning to raise around $350 million on the New York Stock Exchange, with a dual listing in Moscow.
The company was founded in 2015 and operates a fleet of over 18,000 vehicles in 11 cities across Russia. It first announced IPO plans in 2019, saying it would float a 40% stake.
Delimobil is the largest player in Moscow’s car-sharing market, recently overtaking major competitor Yandex.Drive, run by Nasdaq-listed Yandex.
At the beginning of August, Delimobil’s share of the car-sharing market in the Russian capital was 44.2%, compared with Yandex.Drive’s 37.7%, data from the Moscow transport department showed.
BofA Securities, Citigroup Global Markets and VTB Capital will act as joint lead book-running managers, while Renaissance Securities, Sberbank CIB and Banco Santander will act as joint bookrunners, Delimobil said.
($1 = 71.8428 roubles)
Reporting by Gleb Stolyarov and Alexander Marrow in Moscow and Niket Nishant in Bengaluru; Editing by Shounak Dasgupta and Shailesh Kuber
Our Standards: The Thomson Reuters Trust Principles.