Fix Price, a Russian budget retailer, is reportedly set for an IPO of between £1.08bn and £1.22bn as the group targets a London listing for growth and international expansion.
Founded in 2007, the group sells a range of essential products at under 250 rubles (£2.46), and operates over revenues of £1.87bn from over 4,200 stores.
With the offer price range to be between £6.27 and £6.99 per GDR, a market cap on admission between £5.31bn and £5.95bn has been set.
However, the prices are not to be finalised until the bookbuilding process, which reportedly commenced today (1 March), is completed by the end of the week.
Dmitry Kirsanov, CEO at Fix Price, said via City AM: “We have been pleased with the strong response to the Fix Price story from the investment community.
“The variety value retail concept is a proven success story around the globe, and one that has delivered attractive returns to investors.”