Wednesday April 16, 08:25 AM
Magnit prices London listing at $42.50/share and $8.50/GDR
LONDON (Thomson Financial) - Russian retailer OJSC Magnit said it has priced its offering of global depository receipts (GDRs) at $8.50 per GDR.
Five GDRs represent one Russian-listed share which will be priced at $42.50.
A total of 9,719,638 shares and shares in the form of GDRs will be sold to institutional investors, along with a greenshoe of 506,586 shares.
The company expects to raise about $480.25 million from the share sale, which will be used to finance further expansion of its chain of hypermarkets and other grocery stores.
Should it sell all of the shares, Magnit's implied market capitalisation will be about $3.5 billion.
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