Softline plans IPO in London, Moscow, 1st part to raise $400 mln

MOSCOW, Sep 30 (PRIME) -- Russia’s Softline, a supplier of technological solutions and IT services, will hold an initial public offering (IPO) on the London Stock Exchange and the Moscow Exchange, and the first component of the offer will amount to about U.S. $400 million, the company said on Thursday in a statement.

“Softline…announces its intention to release a filing document and also notifies that it is considering an opportunity of holding an IPO of global depositary receipts (GDRs), representing its ordinary shares, depending on the market conditions,” the statement read.

The offer will mainly contain primary shares to be issued by the company, but the existing shares in the form of global depositary receipts will be sold by “certain current shareholders.”

“The money received from the initial component of the offer is expected to amount to about $400 million and will be used to finance further development and fulfilment of the strategy of growth of the group, including through selected acquisitions in compliance with the group’ strategy for additional M&A deals,” Softline said.

If the IPO takes place, Credit Suisse, J.P. Morgan, and VTB Capital will act as joint global coordinators and book runners, and Alfa Capital Markets, Citigroup, Gazprombank, and Sber CIB will act as joint book runners.

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