The Russian Direct Investment Fund (RDIF) has led a $225m secondary public offering (SPO) for Russian hypermarket chain Lenta.
RDIF participated in an accelerated bookbuild placement of newly issued Lenta shares. The proceeds have been earmarked for a nationwide store expansion programme.
RDIF was joined by its co-investors and partners from the Middle East, Asia and Europe, alongside other investors.
The Moscow-based fund was established in 2011 to make equity co-investments in Russia alongside financial and strategic investors.
Lenta's stock is currently trading at around $6.75 on the London Stock Exchange following its IPO in early March. The listing saw TPG Capital reap $479m for an 11.1% stake and valued the company at $5.4bn, with a market cap of $4.3bn. VTB Capital Private Equity sold a 2.6% stake for $112.8m. Lenta raised $952m through an overall listing of 22.1% of its existing share capital.
Founded in 1993 in St Petersburg, Lenta claims to be Russia's second-largest hypermarket chain. It operates 111 stores in 62 cities, along with a further 24 supermarkets in the Greater Moscow area. It also has four distribution centres across Russia.
The company generated turnover of RUB 194bn in 2014, up 34.5% from RUB 144.3bn in 2013. Its EBITDA stood at RUB 21.4bn, up 29.8% from RUB 16.5bn a year previously. Net profit, meanwhile, for last year was RUB 9.1bn, with net debt at RUB 59.2bn, or 2.8x EBITDA. Lenta employs around 35,100 people.
Kirill Dmitriev is CEO of RDIF. Jan Dunning is CEO of Lenta.
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