Magnit, the Russian supermarket chain, is planning a secondary share offering in London and Moscow this autumn, reports in the Russian press claim.

It is understood that the retailer plans to sell up to 10% of its shares on the London Stock Exchange and Moscow’s MICEX and RTS bourses. The food retailer hopes to raise more than US$300m, according to reports in Russian newspaper Kommersant.

The company is majority-owned by self-made billionaire Sergei Galitsky.

Russia’s VTB Capital and Morgan Stanley are reportedly the lead underwriters for the share placement.

Magnit operates 2,770 stores in Russia. The company was not available for comment as just-food went to press.