Russian retail firm Fix-Price aims to raise $1bn from London IPO

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

Nikolaev: Russia lost trillions of roubles over New Year

Igor Nikolaev, an economist, claims that Russia had lost 1-2 trillion roubles (10-20 billion British pounds) over the New Year holidays. “The country hasn’t worked in over 10 days”, he says, and “undoubtedly, the fact that the country can allow itself to not work for 11 days is not normal”. He proposes that the long holidays should be cancelled, although states that on the background of an economic crisis it would not be a good idea.

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