Fix Price plans to raise up to $1.7 billion in IPO

The Russian chain of fixed price stores Fix Price has set the price range for its IPO on the London Stock Exchange at $8.75 to $9.75 per global depositary receipt (GDR). The plans are to place up to 170 million GDRs and raise up to $1.7 billion.

The established price range corresponds to a market capitalization of $7.4-8.3 billion, said Fix Price in a statement. Several anchor investors decided to participate in the deal, including the sovereign fund of Qatar QIA (buy shares at the placement price for $150 million), as well as funds managed by BlackRock ($150 million), GIC ($100 million) and APG ($75 million). The company is preparing to place up to 170 million GDRs and raise from $1.5 billion to $1.7 billion.

• The collection of investor applications will take place from March 1 to March 4, and the start of trading in London and Moscow is scheduled for March 10. The first estimates before the IPO, made by the organizers of the placement, vary between $ 7-11.5 billion.
• Fix Price was founded in 2007 by Sergey Lomakin and Artem Khachatryan. Now it has 4.2 thousand stores. Revenue in 2020 amounted to 190 billion rubles.
• In early 2020, acquired a minority stake in Fix Price. Goldman Sachs