Source: Fix Price may sell GDRs for $9.75 per security during IPO

MOSCOW, Mar 3 (PRIME) -- Russian discounter retailer Fix Price has may sell its global depositary receipts (GDRs) for U.S. $9.75 per security during an initial public offering (IPO), or the upper limit of the initial price range of $8.75–9.75, a financial source told PRIME on Wednesday.

The company accepts bids from Monday until Thursday and will announce the final price tentatively on Friday. The offering amounts to 170 million GDRs and placement to $1.5–1.7 billion. Some of shareholders plan to offer an option for additional placement of up to 15% of the total amount of sold GDRs.

Qatar’s sovereign fund QIA and funds managed by BlackRock, GIC, and APG plan to buy a total of $475 million of GDRs of Fix Price.

The GDRs will begin trading on the London Stock Exchange and the Moscow Exchange on March 10. BofA Securities, Citigroup, J.P. Morgan, Morgan Stanley, and VTB Capital act as the organizers of the IPO.

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