MOSCOW, Aug 9 (PRIME) -- Russian shoe retailer Obuv Rossii may make an initial public offering (IPO) on the Moscow Exchange in October, Kommersant business daily reported Wednesday citing a source close to the company and a source on the financial market.
Citi, Renaissance Capital, BCS, and Sberbank have been mandated global coordinators of the deal.
One of the sources said that Obuv Rossii was estimated at 10 EBITDA. In 2014, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 7% to 2.4 billion rubles. The retailer can thus be valued at 24 billion rubles, Kommersant said.
Obuv Rossii would like to attract 4–5 billion rubles in the IPO, the financial market source said. The retailer could thus sell around 15–20% of its shares to investors. Another source told Kommersant that the company could offer around 20–25% of shares during the IPO.
A representative of Obuv Rossii declined to comment on the IPO, saying that the company is considering a whole range of available instruments to finance its further growth.
Business daily Vedomosti reported earlier in August that tycoon Mikhail Prokhorov’s Karyo Holdings has acquired a 24.99% in Obuv Rossii. The retailer’s representative confirmed Prokhorov entering the company’s capital, but declined to comment on details of the deal.
Obuv Rossii initially sought to attract 1.5–2 billion rubles through selling a 25% stake in 2013.
(59.9886 rubles – U.S. $1)
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