O'Key raises USD420 million in IPO
Russian grocery retailer O'Key has raised USD420 million in its initial public share offer. O’Key and existing shareholders sold 31.1 million global depository receipts for USD11 a share. The company will receive net proceeds of USD161 million, of which it plans to use up to USD149 million to finance further expansion of its O’Key hypermarket and O’Key Express supermarket chain in Russia over the next few years. The remainder will be used for general corporate purposes. The retailer also plans to temporarily use a portion of the net proceeds to reduce its outstanding short-term debt. The sale values the company at USD2.95 billion before unconditional trading begins on 5 November, even though the stock fell from the initial price of USD11 to USD10.88 in conditional trading.
It has also been revealed that on the eve of its IPO, O'Key agreed to sell to shareholders real estate and plots of land for about RUB3 billion (USD97.1 million), despite the assets' value on the company's balance sheet being RUB5.66 billion (USD183.3 million). O'Key agreed to sell several assets to companies controlled by its shareholders, according to the company's IPO prospectus, a copy of which was obtained by Vedomosti. The deal includes three empty plots of land, two unfinished shopping centres and three operating stores, as well as several companies with no assets but a debt to the group of RUB646 million (USD20.9 million), the prospectus said. No further details on the assets were given.
Какие офлайн-магазины будут востребованы?
С начала года прослеживается тенденция по выходу из бизнеса региональных сетей под давлением федеральных ритейлеров, причем как в продуктовом сегменте, так и в DIY, и в сегменте детских товаров. ...
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