Russian retailer Lenta has published the price range for its offering of shares in London and Moscow.
The hypermarket operator said the range had been set at US$9.50-11.50 per global depositary receipt. Five GDRs is worth a share.
Go deeper with GlobalData
The range implies Lenta’s market capitalisation at the start of dealings will be US$4.09-4.95bn.
That capitalisation equates to an enterprise value of US$5.2-6.1bn, using Lenta’s net debt at the end of 2013 and a USD/RUB exchange rate of 34.86 today (14 February).
The offering will see Lenta investors, which include private-equity groups TPG Capital and VTB Capital Private Equity, sell 22.1% of the retailer’s existing share capital.
See Also:
At present, TPG owns 49.8% of Lenta, with VTB holding 11.7%. The European Bank for Reconstruction and Development (EBRD) owns 21.5%, with other minority investors holding the rest.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCEO Jan Dunning said: “The strength of our positioning and the ongoing support provided by a world-class group of investors leaves us very well positioned to capture the significant growth potential in the fragmented and underpenetrated Russian food retail market.”
Lenta has 77 hypermarkets in 45 cities across Russia, plus ten supermarkets in and around Moscow. The retailer has said it is the second-largest hypermarket operator in Russia and has plans to expand further.
