Updated at 19:56,22-01-2021

Supermarket Chain Gears Up For Belarus’s First International IPO

FT, Reuters, TUT.BY / BelarusFeed

Supermarket Chain Gears Up For Belarus’s First International IPO
Credits: Eurotorg Press Service
Eurotorg, Belarus’s largest food retailer, is planning an initial public offering (IPO) in London in the coming weeks, Financail Times reports.

The first ever listing by a company from the ex Soviet state.

A Belarusian supermarket chain is to list its shares in London, sources familiar with the situation said.

According to FT experts, the company can be potentially valued at up to $1bn, or even over $3 billion, Reuters suggests.

Credit Suisse and JP Morgan banks are acting as global co-ordinators for the IPO.

Eurotorg is expected to raise around $200 million fresh equity for the company. The funds will be used to partially repay the company’s foreign currency debt.

Meanwhile, a Belarusian business founders Sergey Litvin and Uladzimir Vasilko intend to sell a part of their shares.

The listing follows on after Eurotorg last year became the first Belarusian company to issue a eurobond, raising $350m in a deal.

For the first half of 2018, the company’s earnings before tax, interest, depreciation and amortization (EBITDA) grew to BYN 195.7 million (~$92 million).

As to a revenue, it grew to BYN 2.18 billion (~$1 billion) and profit – BYN 68.7 million (~$32 million).