The Moscow Times
National shoe retailer Obuv Rossii, or Russian Footwear, plans to carry out an initial public offering on the Moscow Exchange by the end of the year, the company’s chief and largest shareholder Anton Titov said Wednesday.
The Novosibirsk-based company said it valued itself at 7 billion rubles ($218 million). Its revenues were 3.3 billion rubles in 2012 and are projected to be 4.5 billion rubles this year.
Obuv Rossii plans to offer 25 percent of its current share capital as part of the listing, which Titov said could raise up to 2 billion rubles. The funds will be used to finance a five-year, ambitious expansion of its retail network.
“Technically we will be ready [for the IPO] in the next months,” Titov said. “The company is now going through all the legal processes. Whether we will float by the end of this year will depend more on the market. In any case, the company has alternative sources of financing.”