Magnit plans secondary London share offering

Russian retailer Magnit is planning a secondary share offering in London and Moscow this autumn in a bid to raise more than USD300 million, the Kommersant newspaper reported. The chain is majority owned by Sergei Galitsky, with VTB Capital and Morgan Stanley as the lead underwriters for the share placement. The Daily Telegraph reported that the retailer plans to sell up to 10% of its shares on the London Stock Exchange and Moscow’s MICEX and RTS bourses.