Flying start for Russian retail giant's IPO

RUSSIA / FSU POLITICS - In Brief 05 Mar 2021 by Alex Teddy
On March 5 it was announced that FixPrice's IPO in London has gained USD 2 billion in investment. This exceeded expectations. The IPO is now being increased. This is record breaking for a Russian retail company. It is the greatest Russian listing in the UK since 2007.FixPrice is selling shares at USD 9.75 that is the upper limit of its target range. The company has started trading with a valuation of USD 8.3 billion. The only Russian retail company worth more is Magnit.Black Rock and the Qatar sovereign wealth fund are getting a slice of the pie. Public trading opens on March 8 in London and on the Moscow Bourse.Fix Price is based on the US concept of a dollar store. The priciest item they sell is USD 3.40. Stock markets are rallying due to news of stimulus packages.

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