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