Russian discount supermarket operator Kopeyka has announced that it plans to float a portion of the company on the London Stock Exchange.

One market source, reports have suggested, has estimated that the IPO should raise between US$1bn and $1.2bn. These funds will be used to fuel further expansion, the company said.

Kopeyka operated over 200 stores throughout Russia, 150 of these under the Kopeyka banner. It is already listed on the Moscow bourse, following and initial public offering in April of this year.