Russia’s top discount retailer Fix Price has secured USD 2 billion of investment in the largest initial public offering for a Russian company during the sanctions era. The chain had initially been aiming to secure USD 1.7 billion, however, huge interest from investors prompted it to increase the size of the IPO.
Fix Price will offload shares at USD 9.75 each and the company will start trading with a valuation of USD 8.3 billion. That makes it the second most valuable Russian retail chain, ahead of other leading supermarkets such as Magnit.
“The listing represents a landmark in the history not just of Fix Price, but also for value variety retail and the Russian retail sector more broadly, as the largest ever IPO by a Russian retailer,” said CEO Dmitry Kirasnov.
Fix Price has more than 4,000 stores across Russia and other ex-Soviet countries.
