MOSCOW, February 26 (RIA Novosti) – A leading toy store chain owned by a major conglomerate in Russia has said that it has filed for permission from the central bank to list on the London Stock Exchange.
Detsky Mir said that under plans filed Tuesday it expects to place more than 184.7 million shares and has engaged Citigroup to act as its placement agent.
The retailer has earlier stated plans to carry out an IPO in 2014, and Reuters news agency has cited its own sources as saying the launch could happen in mid-March.
Detsky Mir general director for strategy and analysis Alexei Voskoboinik has said the aim is to raise $500 million in the float, which, it is estimated, will involve a one-quarter stake in the company.
Detsky Mir is the largest retailer of children’s toys in Russia and is wholly owned by AFK Sistema, a vast company controlled by billionaire Vladimir Yevtushenkov that incorporates interests ranging from energy to telecommunications.