Mobile retailer Euroset has set between US$9.25 to US$11.3 the price range of its GDRs to be listed in London.
The price range values the company at between US$2.7bn and US$3.3bn.
Alfa Bank, Credit Suisse, Goldman Sachs and VTB Capital are joint global…
Mobile retailer Euroset has set between US$9.25 to US$11.3 the price range of its GDRs to be listed in London.
The price range values the company at between US$2.7bn and US$3.3bn.
Alfa Bank, Credit Suisse, Goldman Sachs and VTB Capital are joint global coordinators and joint bookrunners for the offering.
The transaction comprises a primary offering of up to 252,252 ordinary shares in the form of GDRs with a view to raising about US$140m, and the sale of up to 1,703,255 GDRs held by Alpazo, a company owned by Russian businessman Alexander Mamut. The free float will be of up to 38.2% before the exercise of the over-allotment option.
Alpazo will grant to the joint bookrunners an over-allotment option to buy up to 293,326 additional GDRs, representing 15% of the base offering.
Mamut currently holds 50.1% of Euroset, while VimpelCom owns the remaining 49.9% stake. Sixty GDRs will represent an interest in one ordinary share of the company.
Euroset said it would use the proceeds to fund the development of its retail outlet network and for general corporate purposes.
Earlier reports suggested that the company would list in April.
Euroset posted Rbs61.907bn (US$2.2bn) in consolidated revenues in 2010, EBITDA of Rbs8.37bn (US$295m) and net profit of Rbs5.575bn (US$196m) with EBITDA margin standing at 13.5%.
It claims 30% of market share in the Russian retail mobile handset sector. The company has 4,014 outlets in Russia, 275 outlets in Ukraine and 78 outlets in Belarus. It employs about 27,000 people.
