VkusVill says pauses plans of IPO on foreign markets

MOSCOW, Jun 9 (PRIME) -- Russian grocery retailer VkusVill has suspended its plans to hold an initial public offering on foreign markets in light of the present economic situation and anti-Russian sanctions, the company is able to work effectively on its own, an executive of the company Alyona Nesiforova told PRIME on Thursday.

“An IPO on either NASDAQ or any other foreign market is not a current plan already as we can see what is happening there. We have paused the IPO plans. We wanted to raise money for active development in the online sector, to build more darkstores, to increase advertising,” she said.

“But the situation has changed, which has forced us to return to the conventional strategy. Now we understand that we are able to be effective ourselves… we plan to work on our own this year,” she added.

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