MOSCOW, Oct 27 (PRIME) -- Mercury Retail, Russia’s third largest retailer that manages alcoholic drinks retailer Krasnoye&Beloye (Red&White) and the Bristol retail chain, will float its global depositary receipts (GDRs) in an initial public offering (IPO) on the Moscow Exchange, the company said in a statement on Wednesday.
Mercury Retail Group Limited, the selling shareholder, will sell the GDRs with one underlying ordinary share of Mercury Retail Holding on the exchange. The company and the selling shareholder will be subject to standard liabilities on retention of shares in accordance with the offer, the company said.
The companies will provide an option for up to 15% of the sold GDRs after conclusion of the IPO in order to support stabilization deals, the company said.
Mercury Retail plans to pay dividends each quarter and will allocate at least 50% of its net profit calculated under International Financial Reporting Standards to dividends.
In September, Bloomberg reported that Mercury Retail planned an IPO to be valued at U.S. $20 billion. The IPO was planned for late 2021 or early 2022.
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