Obuv Rossii GK, a Russian shoe manufacturer and retailer, has announced the price range of the initial public offering of ordinary shares during the Moscow Exchange IPO.
The price range of the offer is set between 140 rubles. and 170 rubles. for one share. The company plans to sell up to 42 million new shares, and investors will also be offered shares of the main shareholder and CEO of Obuv Rossii Group of Companies Anton Titov - 396 million.
The company expects to sell shares in the amount of 7,9 billion rubles. The proceeds will be used to increase the retail network, develop distribution channels and supplies, partially pay off existing debt, as well as other corporate goals, the Obuv Rossii state press release said.
Based on the results of the additional issue, it is expected that the share of shares in free float will amount to approximately 41% of the increased share capital of the group of companies.
“An IPO gives investors the opportunity to participate in our future development. The funds raised during the Proposal will help us achieve the key strategic goals of the Company within the framework of further organic growth and doubling the number of stores over the next three years, continuing to strengthen our leadership in the mid-price segment and improving the quality of customer service and their loyalty, ”Anton Titov commented.
Obuv Rossii was founded in 2003. The Group operates a chain of more than 500 stores (of which 113 operate under a franchise) in 148 cities of Russia. In addition, he owns two factories for the production of footwear, which are located in the Novosibirsk region. The group's portfolio includes five main brands: Westfalika, Rossita, Emilia Estra and Lisette. In 2016, the company's revenue amounted to RUB 10 billion, net profit - RUB 1,3 billion. Sales in kind over the past year increased by 10%. In the first quarter of 2017, the company showed revenue growth by 13% to RUB 2,2 billion. EBITDA for the same period increased by 8,4%, to 541 million rubles, net profit decreased by 12,5%, to 205 million rubles. The main beneficiaries of Obuv Rossii are its general director Anton Titov (71,4%) and the owner of the ONEXIM group, Mikhail Prokhorov (since March, he has owned 24,99% of the company through Karyo Holdings Corporation).
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