Russian grocery chain Magnit has announced plans to offer newly-issued ordinary shares in the form of global depositary receipts.
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Proceeds of the share placement will be used to finance further expansion of its chain of hypermarkets and convenience store operations, as well as the development of its logistics capabilities.
Magnit will issue up to 11,154,918 new ordinary shares to be placed through an open subscription, including any new shares to be placed among existing shareholders exercising their statutory pre-emptive rights.
It is understood Magnit is looking to raise US$350m from the share offering.
The company’s shareholders, Labini Investments Limited, Lavreno Limited and Mr
Vladimir Gordeychuk intend to offer a part of their existing shareholdings in the form of GDRs or ordinary shares.
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By GlobalDataMorgan Stanley and VTB Capital are joint global coordinators, bookrunners and lead managers for the global offering.
