Detsky Mir applies to CBR for permission to have IPO on LSE
MOSCOW. Feb 26 (Interfax) - The children's goods chain Detsky Mir officially applied to the Central Bank of Russia's financial markets service on Tuesday for permission to conduct an IPO on the London Stock Exchange.
The company wants to place 184,749,999 additional shares in an issue registered February 11, a Detsky Mir statement says.
Citigroup will service the company's depository receipt program under an agreement the two concluded on Monday, Detsky Mir said.
Sources in the banking community told Interfax earlier that Detsky Mir might begin IPO preparations in the second half of March. Credit Suisse, JPMorgan, Renaissance Capital and Citi have been mandated to coordinate the deal. The IPO is expected to raise up to $500 million, but the final amount will be determined after the investment banks appraise the company.
The February issue by OJSC Detsky Mir - Center was placed in the context of a share split at a ratio of 1 to 250,000. The company's charger capital now consists of 739 million ordinary shares with par value of 0.0004 of a ruble. The amount of stock Detsky Mir has requested permission to place amounts to 24.99% of charter capital.