Private accommodation
28.05.2012 1444

Private accommodation

Tsentrobuv will sell up to 10% of its shares to pre-IPO funds

The largest Russian shoe retailer, Centrobuv, has postponed an IPO in the spring of 2013, but is preparing to conduct a private placement now. As it became known, the company offers pre-IPO funds to buy back 5-10% of their shares for $ 100-200 million. A big name among the shareholders should inspire investor confidence in a public offering, the current owners of the network are sure. The fact that "Tsentrobuv" is looking for portfolio investors from among Western investment funds, said a source in banking circles. Co-owner of the network Sergey Lomakin said that 5-10% of the shares could be sold: the current shareholders of the network will proportionally reduce their stakes in the event of a transaction. In addition to Mr. Lomakin, co-owners of the company are his former partner in the Kopeyka network Artem Khachatryan (at the end of 2009, approximately 33% of the retailer owned two), the founders of Tsentrobuv Anatoly Gurevich and Dmitry Svetlov (according to Kommersant, they , controlling interest) and the founder of the Publishing House-Moscow Publishing House Leonid Makaron (may own up to 10%). Now Tsentrobuv is already negotiating with several investment funds, says Sergey Lomakin, but emphasizes that no documents have been signed.

Its owners estimate the entire “Tsentrobuv” at $ 2 billion, and 5-10% at $ 100-200 million, says a source familiar with the retailer’s offer. The forecast of Centrobuv on revenue this year is $ 1,7 billion, that is, the entire network was estimated at 1,2 annual sales. The deal is advised by Morgan Stanley. The bank representative declined to comment.

Centrobuv unites more than 950 own and franchised shoe stores under the Centrobuv and Centro brands in Russia, Ukraine, Poland and the Baltic States. According to Tsentrobuvi, revenue for 2011 was just over $ 1 billion. It is the largest shoe retailer in Russia.

Private placement is interesting for Tsentrobuv, first of all, the appearance of a bright name among shareholders on the eve of an IPO, explains Sergey Lomakin. “This will inspire investor confidence,” he said. For the first time, Tsentrobuv announced its intention to hold a public offering in February 2011; it was initially planned to enter the exchange in the fall of that year, but was canceled due to unfavorable market conditions. The London and Hong Kong exchanges were considered as platforms, where the company expected to raise up to $ 800 million. The transaction was advised by Renaissance Capital, Morgan Stanley, VTB Capital and Bank of China Investments. Plans for an IPO remain, says Mr. Lomakin, but most likely it will be held in the spring of 2013. “If we decide to do a premium listing (placement of shares, not depositary receipts.), Then this will be 25% of the capital,” he said.

Former co-owner of the Victoria group of companies (Victoria, Kvartal, Deshevo networks; Dixy sold in 2011) Alexander Zaribko says that usually pre-IPO funds are invested two to three years before the companies are located on the exchange.

Alexei Krivoshapko, director of Prosperity Capital Management, believes that the current market situation is unfavorable for both IPOs and pre-IPO investments. His foundation received an offer from Centrobuv, but considers the declared value of the shares to be high. The overvalued price of Centrobuv seems to be the manager of Russia Partners Vladimir Andrienko, who was considering the opportunity to buy a minority stake in the network. Other investment funds interviewed by Kommersant, including the American TPG Capital (which owns a controlling stake in the Lenta hypermarket chain) and Swedish East Capital, have not yet seen the offer of the retailer.

“Centrobuv” will use the proceeds from the sale of a minority stake to develop the network in the CIS and Europe, says Sergey Lomakin. By the end of 2012, the number of Centro stores in Poland and Ukraine will be increased to 65 and 100, respectively, in 2013 it is planned to double the number of points, including through M&A transactions, Kommersant writes.

Centrobuv will sell up to 10% of its shares to pre-IPO funds The largest Russian shoe retailer, Centrobuv, has postponed an IPO in the spring of 2013, but it is preparing to conduct a private placement already ...

Latest News

Opteka presents the current collection of Berkemann orthopedic shoes.

Opteka, a retail chain of orthopedic footwear, proposes to spend a new season under the slogan "Enter your comfort zone!" and presents the collection of the Berkemann orthopedic footwear brand fall-winter 2020/21.
02.10.2020 10

Reebok launches first plant-based running shoe

On October 1, Reebok unveiled the first ever running shoe made entirely from plant materials. The model is called the Reebok Forever Floatride GROW, it is an updated version of the Forever Floatride sneaker ...
02.10.2020 22

The starry sky is the main theme in the design of the Skandia children's collection autumn-winter 2020-2021

The Italian brand Skandia has released a new collection of footwear for children and teenagers fall-winter 2020-2021. The Italian brand Skandia has released a new collection of footwear for children and teenagers fall-winter 2020-2021. Stars, flowers and splashes of watercolors decorate ...
01.10.2020 232

Crocs has released a collaboration with Puerto Rican rapper Bad Bunny

The American brand of clogs Crocs presents a collaboration with the Latin American superstar Bad Bunny. The classic Bad Bunny X Crocs clogs are detailed with jibbits that glow in the dark.
30.09.2020 169

Vagabond Shoemakers launched an online store in Russia

The Swedish shoe brand Vagabond Shoemakers announced the launch of an official online store in Russia. On the website vagabond.com, it became possible to place an order with delivery to any Russian region.
30.09.2020 184
When you sign up, you will receive weekly news and articles about the shoe business on your e-mail.

To the beginning