Russia's third-largest grocer, Dixy Group, has raised US$360m in its initial public offering, with stock selling at the low end of its $14.40-$15.80 valuation range.

Investors snapped up around 25m shares at $14.40 a share on the Russian Trading System and Moscow's Micex Stock Exchange. Some 10m of these were newly-issued shares, bringing the total number of outstanding shares to about 60m.

Dixy has indicated that proceeds will be used to fund future expansion.

The IPO saw Dixy co-founder Oleg Leonov buy 3.55m shares. His stake in the company dropped from 55.9% to 52.5%. Citigroup Venture Capital reduced its stake from 41% to 4.2%.