Russia’s second-biggest hypermarket group, Lenta, is poised to float on the London Stock Exchange in a listing that could value the business at more than £3 billion and net the owners at least £600 million.
The flotation is expected to take place next month, and means the business is the latest in a long line of retailers heading for the stock market, including B&M Bargains, Poundland, AO.com and Pets at Home.
Lenta was founded in 1993 in St Petersburg, and has 77 stores in 45 cities across Russia and a further 10 in Moscow. Its biggest shareholder, US private equity firm TPG, is hoping to cash in on the growing middle classes in the country.
Shares will be sold by TPG, which has a 49.8% stake, the European Bank for Reconstruction and Development with a 21.5% holding and Russian bank VTB with 11.7%.
The decision comes as the company saw sales hit £2.5 billion last year, with net profits of £122.5 million.
Bosses said that they want to double the number of hypermarkets in the next three years.
A Moscow flotation will follow if London proves successful.
