Softline confirms IPO plans, names selling shareholders
MOSCOW. Oct 7 (Interfax) - Information technology company Softline has confirmed plans for an initial public offering on the London Stock Exchange and Moscow Exchange .
The final offer price will be determined following a bookbuilding process, the company said in a press release. LSE Admission is currently expected to occur in October 2021.
The offer will consist of a combination of new and existing shares, with the majority being new shares, the company said. A number of existing shareholders will sell shares in the IPO, including Softline Group Inc, which is beneficially owned by Softline founder Igor Borovikov; Da Vinci Private Equity Fund II L.P; Investment Partnership Da Vinci Pre-IPO Fund; and Zubr Capital Fund I LP.
Certain selling shareholders intend to grant an over-allotment option for up to a maximum of 15% of the total number of GDRs being sold in the offer, the company said.
Primary proceeds from the IPO are expected to be around 400m, Softline said. The company said it intends to use the proceeds "to fund the further development and execution of the Group's growth strategy, including with the Group's complimentary selective acquisitions."