Eurotorg, Belarus’s largest food retailer, is planning an initial public offering (IPO) in London in the coming weeks, Financail Times reports.
The first ever listing by a company from the ex Soviet state.
A Belarusian supermarket chain is to list its shares in London, sources familiar with the situation said.
Credit Suisse and JP Morgan banks are acting as global co-ordinators for the IPO.
Eurotorg is expected to raise around $200 million fresh equity for the company. The funds will be used to partially repay the company’s foreign currency debt.
Meanwhile, a Belarusian business founders Sergey Litvin and Uladzimir Vasilko intend to sell a part of their shares.
The listing follows on after Eurotorg last year became the first Belarusian company to issue a eurobond, raising $350m in a deal.
For the first half of 2018, the company’s earnings before tax, interest, depreciation and amortization (EBITDA) grew to BYN 195.7 million (~$92 million).
As to a revenue, it grew to BYN 2.18 billion (~$1 billion) and profit – BYN 68.7 million (~$32 million).
Sources: FT, Reuters, TUT.BY