FixPrice in Russia will launch IPO in London

RUSSIA / FSU POLITICS - In Brief 16 Feb 2021 by Alex Teddy
On February 15 the Russian discount store announced an IPO. It is estimated the company will be found to be worth USD 6 billion. There will be a secondary listing on the Moscow Exchange. FixPrice says it is the fastest growing value retailer on earth. Its most expensive product is USD 3.40.FixPrice was established in 2007. It has 4,200 stores in Russia and some in other former Soviet countries. It earned USD 2.6 billion in 2020, of which USD 230 million was profit. It has been growing for four years continuously. FixPrice is backed by Goldman Sachs.The IPO would help FixPrice to launch in other countries. It controls over 90% of Russia's discount retail sector. Russian M&A is coming back as coronavirus eases. FixPrice has not announced a price range or date for the IPO. Bloomberg estimates that the firm will try to raise USD 1 billion. Bank of America, Citigroup, J P Morgan and VTB will act as joint bookmakers for the IPO.

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