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Supermarket Chain Gears Up For Belarus’s First International IPO

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.

Eurotorg

Credits: Eurotorg Press Service

A Belarusian supermarket chain is to list its shares in London, sources familiar with the situation said.

According to FT experts, the company can be potentially valued at up to $1bn, or even over $3 billion, Reuters suggests.

Credit Suisse and JP Morgan banks are acting as global co-ordinators for the IPO.

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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.

Read also: Belarus HTP registers 200 new companies, growth of export by 40%

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