Obuv Rossii says to offer 47 mln shares at 140–170 rbl/share in IPO

MOSCOW, Oct 9 (PRIME) -- Russian shoe retailer Obuv Rossii plans to sell up to 46.636 million shares at 140–170 rubles per paper during an initial public offering (IPO), Obuv Rossii said in a statement on Monday.

The company plans to sell up to 42.396 million new shares, and CEO Anton Titov will offer up to 4.24 million existing shares. The price range values the offer at 6.5–7.9 billion rubles, and the company between 15.8 billion rubles and 19.2 billion rubles, the company said.

After the IPO, the free-float of the company will amount to 41% from the increased shareholder equity. Titov will remain the core owner of the company. Shares of the retailer will be admitted to trading on the Moscow Exchange starting from October 20.

“The group will allocate the funds to be raised during the share sale to increase its retail store network, to develop distribution and supply channels, to redeem some debt, and to other corporate goals,” the company said.

(57.7612 rubles – U.S. $1)

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