Softline raises $400 mln in IPO at low end valuation of $1.5 bln

MOSCOW. Oct 27 (Interfax) - Information technology company Softline raised $400 million in its initial public offering, placing its Global Depositary Receipts (GDR) at $7.50 each, the company said.

This was at the low end of the price range of $7.50-$10.50 per GDR announced on October 18. The price was essentially already determined on Monday, when investors were told that the placement would probably take place at the low end of the range.

The offering values the whole company at $1.5 billion. Softline will raise $400 million as expected with the sale of about 53.333 million GDRs.

In addition, up to 8 million GDRs are being made available by certain existing shareholders of Softline pursuant to the over-allotment of up to 15%: Softline Group Inc, which is beneficially owned by Igor Borovikov; Da Vinci Private Equity Fund II L.P; Investment

Partnership Da Vinci Pre-IPO Fund; and Zubr Capital Fund I LP.

Conditional transactions with Softline GDRs will begin on the London Stock Exchange on October 27 under the ticker SFTL. Trading on the Moscow Exchange is scheduled to start on November 1.