Russian retailer “Lenta” posted 35.2 million new shares in the amount of $ 225 million. The purchaser is represented Russian Direct Investment Fund, as well as European and Asian investors. The money will be used to increase the retailer’s sales areas.
One of the largest Russian food retailers “Lenta” has attracted $ 225 million as part of a secondary public offering (SPO) on the London Stock Exchange, the company said. The retailer has placed 35.2 million new global depository receipts (GDR) valued at $ 6.4 per share. Discount offering price to the market value of securities amounted to 3.8%, as on Monday released “Tapes” fell by 2.5%, to $ 6.65 per share. The organizers of the accommodation made by Credit Suisse, JP Morgan and “VTB Capital.”
«The proceeds from the capital increase will help strengthen our balance sheet and will give us additional financial flexibility to execute the program of new store openings in 2015 and beyond”, – said the CEO of “Tapes” Jan Dunning .
With additional funding from the retailer plans to open this year at least 25 new hypermarkets and shopping area doubled in the three years up to December 2016, he added.
Leading the anchor investor in the secondary offering of shares by the Russian Direct Investment Fund (RFPI ). According to the General Director of the Russian Direct Investment Fund (RFPI) Kirill Dmitriev, as shareholders were attracted not only Asian and Middle Eastern funds, but also a number of large European investors.
To some extent, this is a unique arrangement for the Russian market, says analyst RMG Artem Kisluk.
«For the first time, after all Ukrainian events and the fall in oil prices, the Russian company has been able to raise capital for their own development”, – he said.
With the deployment of “Magnit” the situation was different: Galitsky sold 1% of the company, which was in his possession, there was no capitalization, draws attention to the analyst. With regard to the placement of “tapes”, the retailer has made an additional issue, but did not sell any shares of the shareholders. “Money raised through the placement will come directly to the capital of the company. Now “tapes” for $ 200 million more on their projects, “- said Kisluk.
According to the analyst, occupancy is encouraging, since investors, in spite of all the problems on the Russian market, seeing the potential in the industry and believe that the sector can develop.
Its initial public offering of 22% of the shares “Lenta” held on the stock exchanges in London and Moscow in early 2014, then the amount of the proceeds of $ 952 million.
In 2014, net profit chain stores” Lenta “has increased by 27% to 9.1 billion rubles., should from the financial report of the company. Operating profit for the same period increased by 28% and reached 17.66 billion rubles., Company’s sales jumped 34.5%, to 194 billion rubles.
Re-accommodation “Tapes” comes a few weeks after a similar event. In early February of this year, shares posted another player of the food of the Russian market, the largest grocery retailer in Russia “Magnet”. Then the financial structure of the General Director of “Magnit” Sergey Galitsky Lavreno Ltd posted about 1% of the existing ordinary shares. The book was closed in less than a day, investors bought all of the proposed paper, and the seller has received 9.8 billion rubles.
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