FixPrice prepares London IPO

RUSSIA / FSU POLITICS - In Brief 01 Mar 2021 by Alex Teddy
On March 1 FixPrice said it is preparing for Russia's greatest foreign IPO since 2014.FixPrice is the country's main chain of discount stores. It has commenced bookbuilding for its IPO. The aim is to raise over USD 1.5 billion in cash to fund new stores in Russia. The company might be worth as much as USD 8.3 billion.The last IPO on this scale was EN+ Group in 2017 which garnered USD 1.5 billion.The top of FixPrice's share range is USD 9.75. If the IPO went ahead at that level it would raise USD 1.7 billion. The final pricing will be set out in the IPO prospectus on February 4. The company used to think it was worth USD 6 billion.FixPrice is a market leader. Its financial results speak for themselves and there is scope for expansion. There will be a secondary listing on the Moscow Exchange. Retails investors will buy shares too. Public trading will be about on March 10 approximately.FixPrice made a profit of USD 240 million on a gross income of USD 2.6 billion in 2020. These figures have increased 90%+ since 2017. The stories sell a narrow range of consumer items at prices up to USD 3.40. There are over 4,000 such stores. The income squeeze has been a boon for discount stores.

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