Magnit, the Russian grocer, is looking to list on the London Stock Exchange to raise money for expansion in its home market.

Magnit plans to offer 11.3m shares in the company, Reuters said today (26 March).

The company is Russia's third-largest food retailer and operates almost 2,200 stores throughout the country.

Last week, Magnit booked a 47% rise in full-year sales to US$3.7bn.

Russia's food retail sector is seen as one of the fastest-growing around the world as Western shopping habits begin to appeal to the country's ever-more affluent consumers.

Yesterday, X5 Retail Group, the country's largest food retailer by sales, said it had agreed to buy out a franchisee of its Pyaterochka discount stores.

Reports have arisen in Russia that a minority shareholder in X5, Andrei Rogachev, had hired Morgan Stanley to advise on selling his 21% stake in the business.