Hypermarket Lenta Sets Price Range for London IPO | Business | The Moscow Times:
"Russian hypermarket chain Lenta, part-owned by U.S. private equity firm TPG, has set a price range for its initial public offering of between $9.5 and $11.5 per one global depositary receipt, a banking source said on Friday.
Lenta is the latest Russian retail chain to launch an IPO to cash on the country's rising middle class despite a flagging economy, where growth has slumped from an average seven percent a year to just over one percent last year.
Five GDRs equal one Lenta share, the source said Friday, just before the start of a roadshow that will last for two weeks. Lenta could not be reached for immediate comment.
"The valuation reflects investors' attitudes and is set somewhere in between Magnit and O'Key," another source said, referring to two Russian retail chains. Magnit is Russia's biggest food retailer, while O'Key is No.4."
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