OR Group (formerly Obuv Rossii Group of Companies) plans to list its subsidiary Arithmetika microfinance company on the Toronto stock exchange, based on its estimate of $ 140-160 million, an amount equal to 13-14 annual net profits of the company.
The IPO is planned for the TSX Venture Exchange in Toronto. Submission of documents can take place in early January. The placement will be organized by two Canadian brokers who will offer the company's securities primarily to private investors. The IPO will take place in the cash-in format, says the Kommersant article, citing sources familiar with the organization of the company's IPO. The group plans to use the funds raised from the IPO to develop the Arithmetika business - to increase the volume of financing and geography, including entering international markets.
Kommersant's source clarifies that the company can place about 20% of the capital. If these plans are implemented, from $ 28 million to $ 32 million can be raised.
OR Group Is a federal retail footwear network headquartered in Novosibirsk. The group operates stores under the brands Westfalika, Rossita, Lisette, Emilia Estra and Pedestrian, as well as develops footwear and clothing brands for an active lifestyle S-tep, all.go and Snow Guard and the westfalika.ru marketplace and owns two shoe factories. Microfinance company "Arithmetika" is an autonomous structure within the group and is funded by its own funds, with a portfolio of microloans for 2,9 billion rubles. The net profit of "Arithmetica" at the end of last year amounted to 0,6 billion rubles, its capital - 2,4 billion rubles. According to the results of the first half of the year, 39,1% of OR Group's EBITDA was accounted for by the issuance of cash loans.