A Russian retail firm Fix-Price, known for its low-priced products in stores, is planning on a stock market listing in London that could value itself at more than $6bn.
The firm operates more than 4,200 stores across Russia and the post-communist scene, and has a range of over 1,200 products, ranging from household goods to food. It sets fixed prices for its goods at below 250 roubles, equivalent to $3.40.
The company’s sales have gone up 33% in the last year, following a change of purchase habits in Russia as real incomes have fallen by 11% since 2013.
The initial public offering (IPO) aims to raise at least $1bn. This IPO would be the largest in London since 2017. It is aiming to list in March.
Large-scale investment firms, including Morgan Stanley and the Russian VTB Capital, will act as co-ordinators and joint bookrunners on the deal.
Source: Financial Times
Image Source: Andrey Rudakov, Bloomberg