Blog: O'Key seeks to join X5 Retail on London stock exchange
Dean Best | 5 October 2010
Another Russian food retailer is looking to list in London.
O'Key, Russia's third biggest retailer by sales, is planning to join X5 Retail Group, the country's largest, with a spot on the London stock exchange.
The planned IPO, which O'Key has scheduled to happen by the end of the year, signals that Russian retailers are seeing consumer demand recover after the country's economy was hit hard by the global downturn.
O'Key is looking to raise funds to expand its hypermarket and supermarket chains in Russia, which number a total of 52 stores. The company's sales in the first half of 2010 stood at over RUB38bn (US$1.26bn).
X5 is Russia's largest retailer in terms of sales and its first-half turnover reached RUB155bn. It is has been busy snapping up retail chains to give it a stronger position as trading conditions improve but, nevertheless, the market remains fragmented. There is growth there for the likes of O'Key to aim at.
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