Retailer Henderson announces plans for IPO on MOEX to finance business growth

MOSCOW. Oct 20 (Interfax) - Russian menswear retailer Henderson has officially announced plans for an IPO on the Moscow Exchange .

Trading in the company's shares could start in early November, the company said.

It is expected that the bulk of the offer will consist of shares issued as part of an additional issue. Previously, the company announced it had received registration of an additional share issue for 9 million shares at 50 rubles each, due to which the company's authorized capital will increase 25%.

In addition, the volume of the transaction could be increased with shares belonging to founder and main shareholder of the company Ruben Harutyunyan (owns 99.95% of the company).

The company expects that free float may exceed 10% as a result pf the IPO.

The proceeds from the IPO will be used to finance the retailer's strategy going forward.