23 Jan 2024 11:19

Delimobil announces IPO on MOEX, free float to total up to 10%

MOSCOW. Jan 23 (Interfax) - PJSC Carsharing Russia, which provides carsharing services under the Delimobil brand, has officially announced plans for an initial public offering on the Moscow Exchange .

The listing and start of trading are expected to take place at the end of January or the first half of February, the company said in a press release.

The IPO will be open to Russian qualified and unqualified retail investors and Russian institutional investors.

Delimobil has engaged Gazprombank , BCS and Sinara as underwriters, the company said on the disclosure wire. A prospectus published Tuesday morning also mentions other potential organizers: Alor+, Newton Investments, Renaissance Broker, Finam, Raiffeisenbank and IFC Solid.

Most of the offering will consist of newly issued shares, the company said, without specifying the shares of the primary and secondary components of the IPO. The offering will result in a free float of up to 10%.

The parameters of the transaction provide for a standard six-month lock-up obligation, which is assumed by the company itself and its controlling persons.

"The current sole shareholder of the company, Delimobil Holding LLC does not plan to sell outstanding shares and will retain control after the IPO for the implementation of the growth strategy," the company said.

Delimobil will use the funds raised during the IPO for further business development, debt reduction and its general corporate goals.

The day before, the company announced that the main operating legal entity of Delimobil, PJSC Carsharing Russia, had passed into the ownership of Delimobil Holding LLC; Previously, the PJSC was 100% owned by Delimobil Holding S.A. Delimobil Holding LLC also belongs to Delimobil Holding S.A.

As of October 2021, the beneficial owner of 68.22% of Delimobil Holding S.A. was Vincenzo Trani; the shareholders of the holding structure at that time also included Nevsky Property Finance Ltd, which is affiliated with the VTB Group , with 13.39%.

In December, Delimobil Holding S.A. approved a split of Carsharing Russia shares, which resulted in 10 million securities with a par value of 0.01 rubles being converted into 160 million shares with a par value of 0.000625 rubles. At the same time, a decision was made to place 48 million additional shares (30% after split) of Carsharing Russia through open subscription and obtain public status for the joint stock company (the company became a PJSC on January 11).

On Tuesday, the company published a notice to shareholders (as of December 1, 2023) about its pre-emptive right to purchase shares as part of the additional issue, which is valid until February 2.

Delimobil was founded in 2015, and currently provides carsharing services in Moscow, St. Petersburg, Samara, Togliatti, Nizhny Novgorod, Yekaterinburg, Novosibirsk, Tula, Kazan and Rostov-on-Don. The company's customer base exceeds 9 million users, and its vehicle fleet consists of over 24,200 cars. Data from B1 shows that, at the end of September 2023, Delimobil's share of the Russian carsharing market was 40%, and in Moscow, 50%.

In 2021, Delimobil Holding S.A. planned to conduct an IPO on the NYSE with a parallel listing in Moscow, but the deal was postponed at the last minute. In the spring of 2022, in an interview with Interfax, Vincenzo Trani spoke about the possibility of holding an IPO within two years.