MOSCOW, Aug 18 (Reuters) – Russian coffee chain Podorozhnik plans to raise 1.9 billion roubles ($25.79 million) in an initial public offering on the Saint-Petersburg Exchange this autumn, Interfax reported on Wednesday, citing the company’s president, Tatyana Fomina.
Russian IPO activity, which took a hit from the COVID-19 pandemic last year, is picking up pace as the economy improves and concerns over fresh Western sanctions ease. UBS expects Russian companies to raise at least $10 billion in IPOs this year, compared with less than $2 billion in 2020.
Podorozhnik, which operates in Siberian regions of Kemerovo and Novosibirsk, plans to hold its IPO roadshow on Sept. 14, offering shares at 1,000 roubles ($13.58) apiece on Russia’s second-largest bourse, Interfax reported.
The company plans to use the raised proceeds to fund its expansion to other Siberian regions, including Altai, Krasnoyarsk, Omsk and Tomsk.
“We want to grow by three times at least. Now we have 159 venues, we’d like to have around 500 venues all in all,” Interfax quoted the company’s senior vice-president, Oksana Dunaevskaya, as saying.
In 2023-2024, the coffee chain plans to offer another share issue worth 3-4 billion roubles and tap Russia’s southern regions and Moscow suburbs.
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