MOSCOW, Feb 1 (PRIME) -- Russia’s largest children goods retailer Detsky Mir has completely covered the basic volume of its initial public offering (IPO) with bids, a banking source told PRIME on Wednesday.
On January 26, Detsky Mir said that multi-industry holding Sistema and other shareholders will float up to 247.9 million shares of the company. The offer accounts for about 33.55% of Detsky Mir’s capital, with the price range of 85–105 rubles per paper, which corresponds to the an offering amount of 21.1 billion rubles – 26 billion rubles and to a valuation of the company from 62.8 billion rubles to 77.6 billion rubles.
Detsky Mir plans to float the shares on February 10.
Currently, Sistema owns 72.6% in the retailer, the Russia–China Investment Fund has 23.1%, and top managers of the retailer have 3.78%.
According to the IPO prospectus, Sistema plans to sell 166.814 million shares, or a 22.57% stake in the company and raise 14.2–17.5 billion rubles by cutting its stake to 50% plus one share. The fund may sell 73.9 million shares, or 10% for 6.3–7.8 billion rubles by cutting the stake to 13.1%. Top managers will also sell part of their shares.
(60.0851 rubles – U.S. $1)
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